Someone should buy long term care insurance if they don't want to be dependent on Medicaid if they should need such health care services in the future, if they do not want the assets that they have built up to pay for long term care, or if they want more choices than they would get by Medicaid funded long term care.
The cost of care keeps rising. If you need a nursing home it would not be uncommon to see the cost of care to be $7,000-$8000 per month and it is expected to keep increasing. The question becomes if you don't get a Long Term Care policy what assets are you prepared to liquidate to pay for the care. At $7,000 a month for 3 years that comes out to a cost of $252,000 based on today's cost. What will the cost be when you need it in 10, 20 or 30 years? We can assume it will be much more. The yearly premium will be only a fraction of the cost if you didn't have a policy.
A good Long Term Care policy will include assisted living, home healthcare and nursing home care. The chance of you needing one or all of those at some point in your life is pretty high.
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A good Long Term Care policy will include assisted living, home healthcare and nursing home care. The chance of you needing one or all of those at some point in your life is pretty high.