The question of whether or not you should buy long-term care insurance is a complicated one — and there are many reasons for that.
On the surface, long-term care insurance is simple to understand. It’s a policy that kicks in to cover expenses associated with many types of long-term care, such as the type you receive at a nursing home or in your own home.
However, there’s more to long-term care insurance than meets the eye. Your goal is to determine if it’s something you should add to your financial and estate planning “tool box.”
Here are some of the top reasons to purchase long-term care insurance:
- Peace of mind: Many people worry about how they’ll pay for long-term care as they reach an older age (or even before then). With a long-term care insurance policy, you know exactly the type of coverage you’re getting in return for your money. That should put your mind at ease.
- To protect your savings: If you don’t have a plan for paying for long-term care insurance, you could find yourself pulling money from your savings. And if you do that long enough, you’ll soon find that your savings account is gone.
- For more flexibility: For example, if you rely on Medicaid to pay for long-term care expenses, you must choose a facility that accepts payments from this government program. But with long-term care insurance, this doesn’t come into play. You have more flexibility, which works in your favor.
These benefits should help you understand why so many people purchase long-term care insurance.
Tip: buying a policy when you’re young and healthy allows you to lock in a lower premium.
If you’re worried about your long-term care plan and/or have questions about insurance, contact our law firm. We can help you devise a plan that gives you peace of mind both now and in the future.