WHY DO PEOPLE PURCHASE LONG TERM CARE INSURANCE

It is very important to understand that Health Insurance (both under and over 65) was not designed or intended to pay for any type of Long Term Care. As we grow older, we become increasingly aware that while Health Insurance covers us for the hospital and doctor, we are not covered for any form of Long Term Care. Those who have seen up close the devastating effects a long term illness can have on their family often purchase Long Term Care insurance in their 40’s and 50’s. That being said, it is never too late to consider this important coverage.

People own Long Term Care Insurance for 4 main reasons:

• Protection of Assets. Most people do not want to see their hard earned money going out the window to pay for their care. They want to make sure that their spouse remains comfortable, and they would also rather leave their money to their children and grandchildren than give it to a Nursing Home or Home care Agency.
  
  
• Avoidance of Medicaid. It is important to most people to maintain their independence and their dignity, and not rely on State Aid for their care. Medicaid is essentially a one-way ticket to a Nursing Home.
  
  
• The Desire Not to Burden one’s Spouse. It is not the person who is sick who has the problem, it is the one who is writing a check for $4,000-$8,000 a month to pay for care, who may wind up with a financial situation.
  
  
• The Desire Not to Burden one’s Children. Most people realize that their kids have their own busy lives and problems. They do not want their children to have to care for them, physically and financially.