Do You Need Long-Term Care Insurance?

Did you know that less than 1/3 of Americans over 50 have begun to save for long-term care? Planning ahead can help you and your family learn more about the benefits of this type of insurance. Even if you haven’t started planning for the cost of long-term care, you may still find that long-term care insurance is the right choice for you and your family.

With many types of insurance available, it’s become increasingly difficult to figure out which policies are worth your money. Long-term care insurance can be a worthwhile investment for seniors who do not wish to burden their family with the high cost of medical bills as they age.

Should you or a loved become unable to perform daily living activities like eating, dressing yourself, and using the bathroom on your own, long-term care insurance offers protection against these potentially devastating health expenses. Without this insurance, you can fund your own expenses out of your personal assets or spend down most of your assets in order to qualify for Medicaid.

With so many people living paycheck to paycheck in America, long-term care insurance can be a blessing in the event of an unexpected accident or sudden illness. Similar to auto or homeowner’s insurance, you may pay for long-term care insurance and never use it. Just like with these other types of insurance, however, you can’t wait until you are diagnosed with a serious medical condition before you apply for long-term care insurance.