Long-Term Care Insurance is the coverage designed to help you cover the costs of caregiver or a nursing home that you might require as you age. According to statistics, 70% of Americans age 65 or older will require some form of long-term care. If you are thinking about purchasing the coverage, you should do it before the coverage is required, because good health is the determining factor in being able to qualify as well as the costs of premiums.
If you have Medicaid, it provides some protection in the event you need long-term care. However, it steps in to help cover your expenses after your assets have been depleted. Moreover, for married couples, if one spouse needs long-term care, then Medicaid helps the other spouse to not be forced into abject poverty. However, the benefits are small, and there is no protection for your heirs in the event of a Medicaid-related claim.
To determine whether you need a Long-Term Care Insurance, consider these things:
- Do you want to leave an estate to your heirs?
- Do you have enough assets to pay the insurance premiums?
- Do you have enough retirement income to cover both your lifestyle and insurance premiums?
If these apply to you, then buying Long-Term Care Insurance is a good option. You can always speak to an independent agent to receive licensed help with choosing a policy.