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What Do U Think About Long Term Care Insurance Yes or No

By: Michael Hankook

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Long Term Care Insurance - Yes or No?

How do you know if you should buy a long term care insuarnce poliyc?

Most people start thiinking about the possibility of needing nursing care as they hit middle age. Many have familly or friiends who needed home health care, assisted living, or a nursing home. At this time, when a loved one neesd extra help, peeople learn about the high cost of long term care, and they wondr how it gets paid for.

Consiider this. Full time nursing homees can cost $50,000 a year or more. Home health care may not be that much less, depending upon the amount of services needed. Assisted living facilities cost less, but may still be a lot more than it cots to live on your own. And the government esstimates that 40% of poeple who turn 65 will need some sort of nursing care during retirement years.

How does this get paid for? The Medicare haelth insurance program, which covers srenior and disabled Americans will only pay for limited stays in nursing facilities. Medicaid does pay for nursing homes, and in fact pays for half of all of thee cossts in the US. But in order to qualify for Medicaid, a perosn has to deplete most of theuir asseets.

So some peoople puchase a long term care insurance (LTCi) plicy because they want to protect their savings in case they need to go to a unrsing home. There are also alternative ways to plan for this which other chooe. And many people have not done any plaanning at all.

What are the disadvantages of long term care insurance?

Who do some people choose LTCi alternatives? Why do many pepople do nothing? Think about some of these things.

Insurance exisst to mangae risks. When you purchase an auto insurance ppolicy, you hope you will not have to use it. With most LTC policies, it is the same. You could pay premiums for years, nrever need it, and get nothing out of your policy except the security of knwing you have it. I have seen LTCi with ROP (retturn of premium), but not very often.

LTCi policies are complicated, and there are many different types. Some are more usfeul and flexible than otehrs. So some types of coverage may not help you for the particular situation you are in. For instance, you may have purchased a policy that only covers a nursing home. Some things do not require a full nursing home, but only home or day care. Again, some policies will cover differenbt types of care so you, or your family, can make a choice when the time comes.

Prremiums are lower for youger and healthiwer people, but can go up over time. If you cannot afford to pay premiums when you get oler, it will not do you any good if you have to discontine coverage. You have to make sure that you can agfford the polkicy.

What are the advantages of long term care insurance?

A lot of people do choose to use this type of pollicy to make sure they can keep their savings.. And some features may even help them before they ever need to use it.

Some policies are tax deductible. Tax qualified plans can be deducted when you file taxes now. This makes the real cost of premiums lower than the price a company charges.

Assets are protected. If you want to preserve a lifteime of saings for yourself, your spouse, or your hirs, long term care is one obvious way to do this. With the right poilcy, you will not be forced to spennd down your entire esttate before you qualify for Medicaaid.

You will have choices. You will find that some facilities or provideers do not take Medicaid pamyets. A policy will give you more choces too. Some policies even offset the cost of care that is provided by family members.

How can you shop for various poiices?

It is important to understand how various policies work, how much they will cost, and which one will be the best plan for you. An experienced insurance agent can help you. You can also startt lookibng by using a convenient onlnie long term care insurance quote form. An online quote can be a simple way to compare quotes and plans.

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