Why Do I Need Long Term Care Insurance?

Answer:
Numerous factors should be considered when deciding

if you need long term care insurance. This type of insurance pays for skilled nursing care, custodial care, nursing home care, assisted living facilities, adult day care, and in home care. Because long term care is extremely expensive, even a short stay in a nursing home can quickly deplete your savings.

Nursing homes average over $60,000 per year. Do you have adequate savings to cover this expense? Are you willing to deplete your savings for nursing care? Will you qualify for Medicaid? If not, long term care insurance can be a tool to preserve your assets for your heirs.

Long term care insurance is expensive so it’s wise to make a careful decision. If you have a chronic disease or a family history of serious illness, consider purchasing long term insurance to pay for your care and preserve your assets. The earlier you buy long term care insurance, the lower the premiums will be however you will likely be paying the premiums longer which could cost you more in the long run.


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