Why buy long term care insurance

Many boomers struggle with the issue of purchasing long term health care insurance.  They often ask themselves, “Why buy Long Term Care Insurance?”  Does the cost justify the benefit?  For those that are on the fence, here are some reasons that you want to want to consider the coverage.  And, if your still undecided, I’ll be sure to have some follow up posts discussing the benefits of long term care insurance.

1. It will help you keep your independence.

By having the coverage, you still have your dignity and the ability to make choices.  When the time comes for paying for your long term care needs, you may end up spending all of your savings.  At that point, you may be able to qualify for Medicaid to help pay for your care in a nursing home or in a supportive living facility.  Many people want to stay at home, but with Medicaid, you may not be able to.  Long term care insurance allows you to have a choice of where you want to live.

2. You May Have to Pay for an Outside Caregiver

If you something happens to you, will your spouse be able to care for you?  If not, they’ll have to hire outside help.  The cost is likely to come up from your combined income and assets.  This may leave your spouse with minimal funds in the future.  Long term care insurance solves this problem and allows the healthy spouse to keep the assets.

3.  Healthy Care Giving Spouses Won’t Spend Their Money

Instead, they often choose to “tough it out” on their own without help.  If care of a disabled spouse drags on too long, this can have a devastating effect on the physical and emotion health of the caregiver spouse.  Insurance will pay for professional care for the disabled spouse and allow the caregiver spouse needed rest.

4. Do it For Your Children

If your children promise to take care of you when the time comes that you need care, long term care insurance will help them do that.  Probably neither you nor your children have thought of the prospects of moving your from place to place, changing your dirty diapers, cleaning up after “accidents” in the bathroom, or helping you with bathing and dressing.  Insurance will pay for aides to help your children with these tasks.

5. What if You’re Single

If you are single and a need for long term care insurance arises, insurance can pay for and coordinate that care.  With long term care insurance you won’t have to feel you would be a burden to your family and friends.

6. Desire to Pass On

Lastly, if you have a desire to leave assets behind when you die, long term care insurance will help preserve those assets from the cost of long term care.

Be sure to stay tuned for more posts discussing the benefits of purchasing long term care insurance.