Medical Insurance and Seniors: Do I Need Long Term Care Insurance?

If you or your loved one are reaching the "Golden Years" you may be thinking about the need for Long Term Care Insurance. Other health insurance policies you have or Medicare may not pay for long term care such as in a nursing home or an assisted living facility. And while it may not be pleasant to think about such possibilities, as we age it becomes a real potential, and after all the purpose of any kind of health or medical insurance is to have peace of mind, at any age. You have saved wisely for your retirement, planned for foreseeable and unforeseeable medical expenses with perhaps a short term health insurance policy until you turn 65 - maybe you need to complete the picture with Long Term Care Insurance.

Of course, the question of if you should purchase long term care insurance largely depends on your overall medical insurance budget. If you are a senior and living on a fixed income and have no room for another monthly expense then it becomes a moot point. But if it is something you can afford, with the cost for long term care being so high, you may want to consider such a policy. Having long term care insurance can protect your assets for you and your children, such as your home, should long term care become necessary. While most companies will offer Long Term Care Insurance to anyone between 50 and 84, most policies are written for people in their 60’s. Understand that the younger you purchase the policy the cheaper the premiums will be. So if you are seriously thinking about LTCI, the sooner you do it the less expensive it will be. Waiting to the time when you are older and more likely to need it, may make it too costly to afford.

With a Long Term Care Insurance Policy you can be sure that regardless of any other health insurance policy you may own, your assets are protected. You will be covered for all types of Long Term care including Custodial Care, Skilled Nursing, or intimate care. You will also be covered for various types of facilities, and be given the freedom to choose your care - i.e. at home, adult day-care or residential facility. You or you family can decide when to activate the policy such as when everyday activities become difficult such as bathing, cooking, driving etc. Most policies have a guaranteed renewablity and cannot be canceled other then for reasons of non-payment, and have inflation protections.

When it comes down to it, Long Term Care Insurance should be purchased with the hope that you should never actually need to use it, but if the time comes when you or your family members are faced with the difficult decision of obtaining long term care, at least the additional burden of "how are we going to pay for it" will be removed.