Before purchasing a policy, there are some things you need to know about long term care insurance (LTCI). It may see like an unnecessary expenditure at a time when cost cutting is on everyone’s mind, but LTC insurance may actually save you money over time. This type of coverage is not for everyone, but it is the best answer for some who are more likely to need nursing home or home health care in the very near future.
Long Term Care Insurance: Why BuyIn a time when most people are seeking to cut costs, you may be asking yourself why you should consider purchasing LTC insurance. The truth is, if your budget is extremely tight, you may want to take your chances, but if you have some wiggle room in your budget, you may want to do some shopping. The statistics concerning the need for this type of medical care are staggering. If you are over 65 years of age, there is a 75 percent chance you will need extended care. Fifty percent of couples and 75 percent of individuals spend their entire life savings in the first year of long term care. Finally, 92 percent of LTC insurance claims are for a period of nearly 3 years.