Long Term Care Insurance

In the world of insurance, long term care insurance is considered the new kid on the block. Most specific long term care policies weren’t offered by national insurance brokers until about 30 years ago, although they have rapidly increased in popularity since that time. As lifespans continue to lengthen, many seniors find themselves unable to pay for the assisted living or nursing home care that they need, and unwilling to trouble their children to shoulder the burden of their care for years or even decades. That’s exactly why it’s become common to buy long term care insurance.

Who needs long term care insurance? These policies are typically not purchased until people have reached a moderately advanced age. That’s because in addition to being relatively expensive, they are tailored to experiences like home care and assisted living that are only prevalent among people over 65. However, if you can afford it, you can save money by purchasing a policy earlier — two of the main cost factors are age and health.

What are some of the benefits of long term care insurance? Long term care can help older people preserve their lifestyles, and having an insurance package means not having to worry about how to pay for it. This means that you can preserve your independence while also saving your retirement nest egg and ensuring that your children or relatives do not have to bear the brunt of the care burden. The best long term care insurance packages allow you to choose where you receive your care, and also allow for expanded care like meal delivery and home aides that might not be possible solely with personal finances. If long term care insurance cost isn’t too far out of your budget, it’s a great investment for some peace of mind later in life.