What are the reasons for buying long term care insurance? When the time comes for paying for your long term care needs, you may end up spending your savings and then relying on Medicaid for assistance.
Buying Long Term Care Insurance will help you keep your independence and dignity and allow you to make choices. When the time comes for paying for your long term care needs, you may end up spending your savings and then relying on Medicaid for assistance. Medicaid typically pays for a semi-private room in a nursing home. You must know that not all nursing homes take Medicaid. In many states it is not easy to get Medicaid to cover home care or pay for assisted living. Many people would love to spend the rest of their days at home, but with Medicaid may not be able to. Insurance allows you to have a choice of where you want to live - at your own home or in nursing facility.
If you are married and you have a need for long term care, your spouse may have need to pay for a coming or live-in caregiver. The cost is likely to come from your combined income and assets. This way your spouse may be left with minimal funds in the future. Long Term Insurance solves this problem by allowing the healthy spouse to keep the assets.
In case your children are able to take care of you when the time comes that you need care, insurance will help them do that. Probably neither you nor your children have thought of the prospects of moving you from place to place, changing your dirty diapers, cleaning up after "accidents" in the bathroom or helping you with bathing and dressing. Insurance will pay for caregivers to help your children with these needs.
In case you are single and a need for long term care comes, insurance can pay for and coordinate that care. With insurance ,you won't have to feel you would be a burden for family or friends.
Source: ChoiceEldercare News
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