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The Importance of Long Term Care Insurance

Long-term care insurance provides health insurance for extended periods of time, covering expenses that many private insurance policies, medicaid and medicare do not cover.

The next thought, of course, is how will we pay for it?  Private insurance policies, Medicaid and Medicare will only cover a limited amount of long-term care, which then forces you to ponder the need for long-term care insurance.  You will need to inform yourself of the cost of long-term care and long-term care insurance and balance that against the odds you will need long-term care.

This article we found details out some of the reasons why Long Term Care should be part of your core financial planning.

LTC insurance addresses a growing concern for many individuals—the inevitable consequences of getting older and the potential of requiring long-term care in the future.  We all know individuals who can no longer care for themselves and naturally worry whether we’ll need the same care someday.

Have you ever asked yourself about long term care insurance? Maybe you have heard of the term, but have not fully understood what it meant and how it could serve an importance purpose in your life.

As working individuals, we hope to save our hard-earned income throughout our lives so we can enjoy a laid-back lifestyle during retirement. However, many unforeseen dangers can arise and strike our families at any given time. If something happens where you or your spouse is forced to live in a long term medical care facility, the money saved will disappear quickly and could potentially wipe out what was left to care for your family. Studies show that 2 of every 5 Americans over age 65 will enter a nursing home during the remainder of their life (A.D. Banker). Long term care insurance will protect these assets, leaving your family protected if you need permanent medical care. Some states, such as Virginia, even demand all policies must provide inflation protection, which only further benefits you.

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