subject: Why Buy Long-term Care Insurance [print this page] The decision of whether or not to purchase long-term care insurance is one of the most important decisions youll ever make in your life. The choice that you ultimately make has further implications than just those that affect youwhether or not you buy this coverage could have a huge impact on those you love the most. People without long-term care insurance have to pay out of pocket for necessary long-term care. If they cant do that, then the burden most often falls to their family members, who either have to find a way to pay for the care or who have to become the caregivers themselves, a job that can be emotionally and physically draining.
That is the main reason to secure long-term care insuranceso that you can protect the lives and finances of your family. Still, there are many other reasons to get this important coverage as soon as possible. One of the big ones is so that you can maintain your independence and enjoy your life for longer! Without long-term care insurance, youre left to spend all of your money and get rid of all of your assets to pay for your own care. After that, you may or may not be able to qualify for Medicaid. If youre lucky enough to get Medicaid, you wont be able to secure in-home care or even to live in an assisted living facility. No, your only option will be a nursing home, and you wont get to choose which one youre placed in. If staying in your own home is important to you, then you must make long-term care insurance a priority. Most coverage types will pay for in-home care, care in an assisted living facility, or even for adult day care facilities. Even if you do end up having to go into a nursing home, most long-term care policies will enable you to find a nicer, more private one than the ones Medicaid offers.
As we touched upon briefly above, long-term care insurance is also an excellent way to protect your assets. Without this insurance, you will likely spend everything you have paying for long-term care expenses, either for yourself or a spouse. If you have the insurance, though, your assets stay safe and untouched. Your benefit will come in and take care of all or some of your expenses for you.
By now, you probably see why long-term care insurance is so very important. Make sure, however, that you dont put off getting it. So many people think that they are too young and too healthy to bother with long-term care insurance. The truth is, however, that its important to get that insurance while you are still in good health. Illnesses and other problems can occur at any time, with little to no warning, leaving you in need of immediate long-term care. If you dont already have a policy, youre going to have to pay for your care out of pocket. Furthermore, it can be difficult to get a policy once problems or needs have already developed. Lock in an affordable rate now, and thank yourself later.
by: Patrick Boswell
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