Should I Buy Long Term Care Insurance?

If a person has assets to protect, it might be wise to buy Long Term Care Insurance to hedge against the risk of needing Long Term Care in a place such as a nursing home.

Protecting your independence is the main reason most buy a Long Term Care Insurance policy.  They have enjoyed freedom through-out their life and don’t want to risk losing the independence as a result of not planning ahead, running out of money, and then ending up in a Medicaid Government run Nursing home.

Preservation of the nest-egg is another one of the main reasons people buy Long Term Care Insurance.  People work hard throughout their careers to build up their retirement savings and want to insure that savings just like they insure other assets like their home and cars.  The only difference is often the savings accounts are the most valuable of the three and often go uninsured.

Emotion is another driving force that compels people to buy Long Term Care Insurance.  The idea of becoming a burden to their family is unsettling.  It use to be that families lived close to one another in these tight knit communities and could take care of each other.  Times have changed and if one is not prepared, it could create a huge burden on the family.

Long Term Care Insurance gives people the freedom to spend their money on thing like traveling, spending time with the grandkids… without having to worry about saving that money just in case they end up needing Long Term Care.  Long Term Care Insurance is Retirement Freedom.

At What Age and Who Should You Consider Buying Long Term Care Insurance?

Age 48 years and above is a good time to begin the conversation

People who have a history a history or have family members with a history of illnesses such as Alzheimer’s, Parkinson’s, Obesity, Cancer to name a few.

Buying Long Term Care Insurance when you are healthy before you get sick is key.  Once a person gets injured or ill no Long Term Care Insurance company will insure them at that time.  Then, if they need Long Term Care, the money will have to come out of pocket.

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