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Why Buy Long Term Care Insurance? |
"Why Buy?" Is a Common Question
This is one of the most common questions consumers have when they first begin to think about buying Long Term Care Insurance. Consider the following reasons for taking this important step:
Maintain your independence.
People who are unable to pay for their Long Term Care expenses must first deplete all of their assets before they can qualify for Medicaid. Then they have to face the fact that Medicaid does not offer the choice of home care or care in an assisted living facility. In fact, Medicaid only provides care in an approved nursing home (not all nursing homes accept Medicaid patients). Another problem is that Medicaid insurance typically only pays for a semiprivate room.
Your Long Term Care Insurance policy gives you more choices, and, more importantly, a plan of action. You can choose to be cared for in your own home, in an assisted living facility, in adult day care, or in a nursing home.
Protect your assets for yourself and your spouse.
Married couples must consider the burden each other can potentially place on the other spouse if the time comes for one of them to need Long Term Care. For example, your spouse may be forced into taking care of you, and many times their own health will begin to deteriorate. Additionally, if you pay out of pocket for Long Term Care, you can leave your spouse with no assets and no safety net.
Smart Money has some helpful insights when it comes to protecting your nest egg. These insights can be found in an article by clicking here.
Prevent becoming a burden on your children.
Most children will take care of their parents if need be, but ask yourself a tough question: Would you want your son or daughter giving you a sponge bath? Having Long Term Care Insurance enables you to spend quality time with your children while an aid takes care of your personal needs.
Give yourself peace of mind.
For those who are single or have a limited support system, Long Term Care Insurance makes sure they will receive care.
Who Should Consider Buying Long Term Care Insurance?
- If you are over 45 years old and have assets to protect, you should consider buying Long Term Care Insurance.
- If your family has a history of illnesses such as Alzheimer's Disease, cancer, brittle bones, cardiac problems, stroke, etc., you should especially consider buying Long Term Care Insurance.
- If you are still healthy, you should consider buying Long Term Care Insurance. Remember, once you get sick or injured, no Long Term Care Insurance company will insure you, and you will have to pay for Long Term Care out of your own pocket.
Two final points to think about when considering Long Term Care Insurance:
- LTC policies are guaranteed renewable. This means that as long as you pay your LTC premiums, you will have coverage.
- Long Term Care Insurance premiums are based on your age at the time you
purchase your policy; therefore, the sooner you purchase your policy
the lower your premiums will be. The good news is that premiums
typically remain the same for life.
Should you buy Long Term Care Insurance? With the many advantages of having an LTC Insurance policy, deciding whether or not to buy one should be easy.
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Last Updated ( Monday, 26 July 2010 )
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