Long Term Care Insurance – Should You Get It?
Long Term Care Insurance Should You Get It?
Long term care insurance has gained popularity lately as people are finding that they are living longer. Many states are also offering tax incentives for purchasing long term care health insurance. But is it right for you? Here are some things to consider.http://www.terminsurance.pannipa.com/2009/11/long-term-care-insurance-should-you-get-it/
There are plenty of statistics floating around about the possibilities of needing long term care, and some of them are pretty scary. But the fact remains that nobody can predict if they are going to need long term care. In fact, if it was possible to look at someone and say "He will definitely need long term care in the future," that person would probably not qualify for long term care insurance.
Instead, many financial planners recommend getting this coverage as part of a sound financial and retirement plan. If you need the care, your life savings could be wiped out or impacted so much that your retirement dreams could go down the tubes.
Unfortunately, private health insurance and Medicare won't cover long term custodial care. And in order to get Medicaid, which will cover long term care for the poor, you need to spend down all of your assets.
So, according to the Insurance Information Institute, you shouldn't buy long term care insurance if you:
1. Have so much money that you won't have a problem covering long term care expenses.
2. Have so little money or assets that you will easily qualify for Medicaid.
Otherwise, this coverage is recommended for your peace of mind.
To find out how much long term care insurance might cost you, get some comparison quotes. You should probably get at least three different quotes. An easy way to do this is through an insurance comparison Web site. You'll just need to complete on online quote request form to get several quotes back from various companies and agencies.
Also remember that the older you get, the more expensive this insurance may become and the harder it may be for you to qualify.
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