You should purchase long term care insurance if you have a substantial amount of money saved up or invested that you do not want to go to pay for long term care costs, if such care is needed.
When people become unable to care for themselves due to illness or age, and if it becomes necessary to hire in home care or move to where extended care is provided, the cost for that type of care is steep. It can deplete savings quickly, and in order for Medicaid to help, the law dictates that the person receiving the care must first deplete investments and assets down to a set amount.
Having long term care insurance pays the bills for in home care, nursing home care, or other types of care that are needed, thus protecting assets and investments. Having this source of funding also allows you to make more choices in your care rather than having to rely on what Medicaid will allow.
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When people become unable to care for themselves due to illness or age, and if it becomes necessary to hire in home care or move to where extended care is provided, the cost for that type of care is steep. It can deplete savings quickly, and in order for Medicaid to help, the law dictates that the person receiving the care must first deplete investments and assets down to a set amount.
Having long term care insurance pays the bills for in home care, nursing home care, or other types of care that are needed, thus protecting assets and investments. Having this source of funding also allows you to make more choices in your care rather than having to rely on what Medicaid will allow.