Long Term Care Insurance, Who Needs It?

By Author: Cynthia Clarke
Total Articles: 18
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Do you have $4,560 to pay a home health aide every month? If not, then there’s no point asking if you can afford to squeeze out $6,660 monthly for a private room in a nursing home because obviously, you are among the majority who should buy long term care insurance (LTCI).

Quit pretending that you are not affected by the cost of care because the truth is, you are. It is absolutely okay to show it or even shout it out if you wish because practically everyone feels the same way.

However, not everybody in the country is doing something to address this problem because after the defunct Community Living Assistance Services and Supports (CLASS) Act, an attempt by the government to provide affordable long term care (LTC) coverage to those who cannot afford private LTCI, people are still secretly hoping that a better substitute will turn up.

Unfortunately, that is far from happening because the government’s focus is somewhere else for the time being. That makes each person’s LTC his own responsibility. Now if you think about it, shouldn’t it be? Perhaps a little consolation from ...
... the government will do; tax advantages for LTCI policyholders and eligibility for supplemental LTC coverage from Medicaid for individuals armed with policies that comply with the Partnership Program.

When it comes to one’s primary LTC plan, though, the government does not have to be in the picture. If you have to consider anyone in your plan, then think of the people in your life like your family. Can you imagine them abandoning their goals in life just to ensure you get quality care?

If the thought of it makes you want to cry, then start working out a plan that will allow you to receive quality LTC someday without depleting your assets or making the life of your family miserable.

Who Should Buy Long Term Care Insurance?

Most people think only the rich should buy LTCI. The fact of the matter is, they do not need this product because they are already financially capable of paying the cost of care.

Did you know that members of the upper class who need skilled nursing care but do not wish to enter a nursing home can simply purchase the necessary nursing home equipment using their pocket money? That’s because they have been blessed financially.

Now for average Americans who are blessed with unlimited skills and creativity to work eight hours a day, or double shift, so that they can afford their basic necessities and occasional whims, the daily rate of in-home care, assisted living, and nursing home care is too much of a financial burden.

If you fit the bill, then start looking up useful resources for your LTC plan. Talk to friends or relatives who have LTCI policies already to get their insights but do not depend solely on what they say. People who should buy long term care insurance are also advised to contact a licensed LTCI specialist who’s been in the industry for over a decade and who works closely with the leading carriers.

We give away free long term care quote and long term care insurance costs to people who are interested in purchasing long term care policy.