Deciding whether Long Term Care Insurance is right for you

By Compuquotes Team on June 6th, 2008

Long Term Care

No one wants to think about being in a situation where you would require long term medical care. It is a serious concern, however, and it's important that you at least consider the possibility of it happening to you. Consider for a moment how you and your loved ones would be able to pay for the expense of long term care, or whether you would be able to afford it at all. If you find yourself stuck in the latter category, you might want to stop for a moment and think about whether long term care insurance would be right for you.

As the name implies, long term care insurance is designed to provide the money needed to pay bills and medical expenses should you require medical care over a long period of time. It is often offered as a supplement to standard health and hospitalization insurance, though you can also purchase long term care policies as separate insurance packages. While many insurance packages offer some basic hospitalization and care coverage, it may not cover hospital visits that last over a certain period of time or any extended medical care which is administered at home. Be sure to clarify exactly what coverage is given by your insurance if this is in question.

If you don't currently have any form of long term care insurance, take the time to weigh the pros and cons of buying the additional coverage. Examine your finances in order to determine how long you would be able to pay for your own care if you were no longer able to work while receiving care. Consider whether your family would be able to cover any expenses that went beyond your means to pay. If you think that there simply wouldn't be enough money available to cover all of the possible expenses, then long term care insurance might be beneficial to you.
This doesn't necessarily mean that you should buy the supplemental coverage, however. While no one can know for sure whether they'll be injured or otherwise incapacitated due to injury or illness, it's much less likely to happen to some people than others. Examine your lifestyle, your job, and your habits. Take into consideration anything that you do which could lead to long term health problems or hospitalization. While long term care coverage can be useful for protecting against the unknown, you may find that it's an expense that you could very likely avoid with no ill effects.

When you weigh the pros and the cons of taking out supplemental long term care insurance, make sure that you take the cost of the supplement or policy into account as well. If you can get a good deal on the additional insurance then you'll be able to get useful coverage without a large added expense. If all of the coverage seems overpriced, however, then you'll be paying good money for insurance that you may not ever have any use for. Consider all of this carefully so that you can make the best decision for yourself in regards to whether you need long term care insurance or not.

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