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Who Can Benefit From Long Term Care Insurance?

By Compuquotes Team on August 21st, 2009

Long Term Care

No one likes to think that he or she will ever be in a position of needing long term care. However, it's a fact that many individuals do find themselves needing to be admitted to a long term care facility at some point during their lives. Because there is no way to predict who might need long term care treatment, this type of insurance is really something that everyone needs.

When is Long Term Care Necessary?
People typically associate long term care with the elderly. While it's true that the majority of individuals in long term care facility are senior citizens, the need for this type of care is not limited to older individuals. Strokes, head injuries, and other debilitating health conditions can impact people of any age. Anyone who becomes unable to perform the necessary actions of daily living, such as bathing or feeding oneself, is a candidate for long term care.

Inpatient nursing home care can cost several thousand dollars every month. The need for long term care represents the type of expense that very few people could pay for on their own without having long term care insurance. Even if you have saved a significant amount of money for retirement, you can very quickly and easily deplete all of your funds when faced with having to cover long term care expenses for yourself or a loved one.

Those who need long term care but do not have insurance often have to go on Medicaid. In order to be eligible for this public assistance program, an individual must deplete virtually all of his or her financial resources. Many people who worked hard for decades to purchase a home and build an inheritance for their children have to surrender all of their assets when faced with having to utilize the Medicaid system to pay for their long term care needs.

Do I Really Need Long Term Care Insurance?
If you can't afford to pay thousands of dollars every month to keep yourself in a long term care facility if the need should arise, it's a good idea to get long term care insurance. If you don't have long term care insurance and you don't have the financial means to pay for your care, you'll have to surrender all your assets to get the long term care you need. If you find this option unappealing, the best alternative for you is to get a long term care insurance policy.

Keep in mind that if you do need long term care, you will not be likely to be able to perform any type of wage earning tasks. There is no way that anyone's social security or disability income will cover the costs of long term care for any period of time. Without a good long term care policy, you will be completely dependent on either money you saved prior to having to go to a long term care facility or Medicaid in order to fund the care you need.

When Should I Apply for Long Term Care Insurance?
The best time to apply for long term care insurance is today. The longer you wait, the more expensive your premiums are likely to be. Additionally, as time goes by, the chances of your experiencing a problem that could lead to the need for long term care increase. Once you need this type of care, you will no longer be eligible to purchase long term care insurance.

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