Long-Term Care Insurance : Who Needs It?

Long-term care insurance is generally needed by the elderly but it is also needed by other people who suffer with a debilitating illness or injury that makes it necessary for them to have assistance to perform the every day essentials activities that many of us take for granted, such as feeding oneself, bathing, and getting dressed.

Most of us will buy health, car, and home insurance, but we typically will not buy long-care insurance.This is due to possibly thinking that it is not needed, or not having enough money for it, or even just hoping that there will be enough money in the savings account should anything happen.However, long-term care can be very expensive and empty a savings account very quickly.

Like all insurance, long-term care insurance must be purchased before the need arises.This means that you may purchase the insurance and never use it, especially if you are younger, the chances for needing long-term care are lower.Some financial professionals even recommend that only people nearer to the ages of 50 - 60 purchase long-term care insurance, since they are the ones more likely to need it. Some employers offer employees long-care insurance so it may be beneficial to check with your employer.Some employers may even offer long-term care insurance options for the parents of the employee.

It may be wise to purchase a long-term care insurance policy at a younger age because the premiums will be lower for younger people.Long-term care insurance is not for everyone and is typically purchased by younger people only when there is a family history of an illness that is covered under a long-term care insurance policy.

So, what is generally covered by long-term care insurance?Policies can cover extended care in a nursing home, assisted living facilities, adult day care centers, and even skilled care to come into your home to assist with the daily activities that one is unable to perform due to a chronic illness or a disability.

When deciding whether or not to invest in a long-term care insurance policy you may want to consider your family history.If longevity or a chronic disease runs in your family you may need long-term care sometime down the road making it a wise investment.On average women live longer than men so women may have a higher need for long-term care.

Keep in mind that paying for premiums for long-term care insurance will be less expensive than paying for the long-term care out of a savings account.Before you purchase a policy make sure that you not only compare the rates but also the benefits that are offered.Look at the policies of different insurance companies and independent brokers.You may even want to consult with a financial planner or a lawyer about what is best for you and your family.The trick is to buy a policy before you need it and become uninsurable.The older you get, the more expensive the premiums may become.

Hopefully you will not have a need for long-term care insurance.As with any insurance, you just never know when you will need to have it.The peace of mind that will come with a long-term care insurance policy may be worth the cost of the premiums.What ever you decide is best for you and your family in your situation, remember it is always best to make an informed decision.Comparing theprices, policies, features and benefits of the different insurers is always time well spent and may even save you money and heartache later on.