Why Buy Long Term Care Insurance?
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There are several benefits to having a long term care insurance
policy.
- Keep your independence and dignity.
Seniors who are unable to pay for their own care must first have
no substantial assets before they can qualify for Medicaid. Medicaid
may not allow you the choice of home care or assisted living facility,
instead it can insist on nursing home care. Also, Medicaid typically
only pays for a semiprivate room and not all nursing homes accept
Medicaid patients. Many people may feel indignity at being in
a nursing home environment.
A long term care insurance policy gives you more options of care and freedom. You can decide to be cared for in your own home or in an assisted
living facility. Ultimately, if a nursing
home is needed, the policy will pay for the nursing home care.
Protecting the living spouse.
Married seniors who will need long term care need to
consider the burden on their living spouse. Your spouse may be
forced to pay for a care-giver out-of-pocket and deplete savings
and assets. Without long term care insurance, the financial burden
may leave minimal cash assets for your spouse.
- Become less of a burden on your children or extended
family.
Even if your children have decided that they will care for you,
the mental and physical stress of care-giving can become a toll.
Long term care insurance provides your family with
aides to help in the daily tasks of bathing, dressing, eliminating,
and more.
- Peace of mind.
If you are single or have a limited support system, long term
care insurance can help you assure that you will
be taken care of. Insurance can pay for and coordinate for
the long
term care that you may need.
- Protect your assets. Long term care insurance
helps preserve your assets from the cost of expensive long term
care.
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