Getting a Long-term Care Insurance Quote

Should I Buy Long-Term Care Insurance – Five Smart Reasons

January 11, 2012

To buy, or not to buy? Many people heading into middle age, or even older, wonder that major question about long-term care insurance plans. Whether you should or shouldn’t purchase long-term care insurance is a personal decision, but one that should be made with adequate information.

The problem is, many people put off making decisions until it’s too late. After all, an accident or illness can happen anytime. Unfortunately, Medicare and most health insurance policies don’t cover all the costs of care that you may need in the future.

Should I buy Long Term Care Insurance?

We’ll give you five good reasons why you should purchase a long-term care insurance policy:

  • You’re not getting any younger – the older you get, the more difficult it may be to purchase a long-term care policy. The younger and healthier you are when you buy, the less expensive your premiums are likely to be.
  • You don’t want to leave the burden of your care on your children. The physical and emotional burden of caregiving for a loved one can have very detrimental effects on caregivers, regardless of their desire to help. No matter how much your children love you, they have their own lives to live, and shouldn’t feel obligated to take care of you in the event of an illness or accident.
  • You want financial security. One accident or unexpected illness can damage your life savings in a matter of months. Why leave yourself open to financial strain and no security for your future years by spending the money you saved for retirement on medical bills?
  • You want to “age in place” or at home as long as possible. Someday, you may need help with your daily activities of living. If you don’t have friends or family members to help, you may need to go into a long-term care facility.
  • You know someone who’s financial security or family has been harmed by an accident or illness that requires a loved one to receive home care or placement in an assisted living or long-term care facility. The cost of one year in a long-term care facility may reach over $61,503[1].

A long-term care insurance policy can help you avoid some of the things you fear most – getting older or dealing with a severe injury or illness that you’re financially unprepared for, or becoming a burden to your family.

Don’t leave your future to chance.  If you’re lucky, you’ll never need a long-term care insurance policy, but you can’t guarantee that. No one can. When compared to the cost of medical care or nursing home care, the cost to spend on a long-term care insurance policy is a lot cheaper than you might think. You can afford a customized long-term care insurance policy to meet your needs and budget. Don’t risk financial strain. What are your LTC insurance concerns and needs?


[1] 2012 Genworth cost of care survey

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