You will only need long term care insurance if you are unable to take care of yourself at some point in your life. This can be due to illness, physical limitations, or loss of mental functioning.
If you do not have long term care insurance, you will need to pay for your care another way. Medicare may pay for some of it at the start, and Medicaid can pay for it after your resources have been depleted.
If you have long term care insurance, the policy will pay for those services after the elimination period you chose has passed, and for as long as you set the policy up to pay them.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
Whether you will need long term care insurance only time will tell. If you have enough money available to be able to pay a care facility $10,000 or more a month for an unlimited amount of time, then no you do not need long term care insurance.
As Peggy said above, long term care insurance is designed to pay for or help pay for care assistance if you should become unable to care for yourself. Who knows if that will happen to you? So again only time will tell.
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If you do not have long term care insurance, you will need to pay for your care another way. Medicare may pay for some of it at the start, and Medicaid can pay for it after your resources have been depleted.
If you have long term care insurance, the policy will pay for those services after the elimination period you chose has passed, and for as long as you set the policy up to pay them.
As Peggy said above, long term care insurance is designed to pay for or help pay for care assistance if you should become unable to care for yourself. Who knows if that will happen to you? So again only time will tell.