Everybody gets older, but you want to be prepared to keep your independence, make your own healthcare choices and not spend your life savings on a nursing home. Long term care insurance is one way to protect your life savings, lift the burden from your children and provide yourself with self-reliance and peace of mind.
1. I want to stay at home.
For most aging parents and grandparents, staying in your home is a priority. Whether you need help with getting out around town, personal services or medical needs, having long term care insurance will help you get the assistance you need while staying in the comfort of your own home.
2. I don’t want to rely on my children or grandchildren.
Having loved ones who are willing to help is a great blessing, but you may prefer not to rely on your children or grandchildren to care for you. When your spouse is unable to care for you and your children are unavailable, unwilling or you would prefer a professional, long term care insurance can help make sure you receive the care you’ll need without putting physical, emotional and financial stress on your family.
3. I don’t want to spend my last dollar on a nursing home.
Long term insurance will protect your assets and savings from being liquidated in your final years. This allows you to have your life savings to give to your grandchildren, spend how you want, or provide for the luxuries of life. There is no reason for individuals to be required to sell their home, spend their life savings, or liquidate other assets in order to pay for a nursing home
4. It’s cheaper than you think.
Many people may assume that long term care insurance is expensive. The truth is, is it much more affordable than most people think and much cheaper than the actual cost of home health care.
5. It is not covered by other insurance plans.
A common misconception is that health insurance, Medicare or Medicaid will pay for long term care expenses. The fact is, none of these cover long term care expenses. Long term care is generally not considered medical care, so health insurance plans will not cover the expense. Medicare will generally cover skilled care for less than 100 days if you have been in the hospital for at least 3 days and does not cover home or personal care. Medicaid only covers long term care costs for those who meet the states poverty guidelines.