A Complex Decision - Will You Need Long-Term Care Insurance?

Unlike the not-so-distant past, modern seniors no longer live with their extended families. Children can't afford to take care of their aging parents anymore, and their ill-health can become a financial liability.

Today we have what's known as Long-Term Care for senior citizens, or persons with a disability, physical illness, or mental impairment. Examples include nursing homes, home health care agencies, retirement communities, assisted living facilities, and adult daycare centers.

Primary healthcare policies will not fully cover these services, and that's where Long-Term Care Insurance comes into play. Having it when you need it will feel like a blessing for both you and your family.

Will you be in need?

There are a number of factors that make the decision of whether or not to purchase Long-Term Care Insurance a difficult one. First of all, you must purchase it before the insurance is actually needed. This means looking into your family health history and determining whether or not you will require day-to-day custodial care in your later years. Be honest with yourself and with your family.

Many seniors do not want to burden their family members with this difficult decision, but I must emphasize the importance of letting them help you make the right choice. Having your family support your decision makes it a more meaningful one.

Second of all, if you're reaching the point where Long-Term Care is needed due to the difficulty of daily living, it might already be too challenging and expensive to obtain it.

Long-Term Care Insurance is pricey. It's cheaper when you buy it at a younger age and in better health, however you pay for a longer amount of time before you receive the benefits of the insurance. Not to mention that premiums will most likely continue to rise, and there's the threat that you'll never use the insurance at all.

All of this sounds very negative, and it can feel like a horrible guessing game, however if you already know of a serious medical condition that runs in your family and you're quite sure you'll be in need of daily assistance, Long-Term Care Insurance is definitely right for you. It can be one of the most beneficial purchases you'll ever make; saving your family money, time, and worries, and allowing you to maintain as much of your comfortable, customary life for as long as possible.

Before purchasing a policy, be sure to compare benefits and rates from various different companies. It's also a good idea to consult your estate/financial planner and attorney.

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