Long Term Care Insurance: Is It For Everyone?

Who Should Get Long Term Care Insurance, And How It Benefits

By Meha Ahmad, InsuranceAgents.com Staff Writer

Few of us, when we're young and healthy, think ahead to a time when our physical capacity is not as it was when we were in our 30s. However, recent reports show that within the next 10 years, more than 12 million older Americans will need some kind of long term care. And the best financial way to obtain this care is by investing NOW in long term care insurance.  Why? 

The sooner an individual invests in long term care insurance, the better. The younger a person is, the more affordable long term care insurance will be; better long term care insurance coverage will also be easier to obtain.  Get the best rates on

Many will need long term care insurance. Not many know what it is. Long term care insurance covers the expenses for those who will need special care and attention in their later years, particularly for their daily living activities or medical needs. Long term care insurance policies typically require its policyholders to meet eligibility requirements before they can receive coverage. Policyholders usually must not be able to do the following daily activities independently to receive coverage: bathe, dress, eat, moving on and off the toilet, or moving in and out of bed.

One of the big factors in determining who needs or doesn't need long term care insurance, however, is finances. Read on to determine if your finances allow you to invest in long term care insurance.

Who Should Get Long Term Care Insurance

1. People who have a steady income and a sizeable amount of assets
2. People who want to protect their income and assets and are afraid they may otherwise suffer a financial loss
3. People who don't want to burden others physically or financially with their long term care
4. People who want to live independently even in their later years

Who Should NOT Get Long Term Care Insurance

1. Those without the financial ability to afford the long term care insurance premiums
2. Those without a steady income, or whose only income is Social Security
3. Those with limited assets, which will become depleted if they have to pay for long term care out-of-pocket.

Talk to a Professional

Before investing in long term care insurance, it's important to first talk to a licensed insurance agent who specializes in and has extensive experience in dealing with long term care insurance policies and clients. Also, look for and compare several long term care insurance quotes to find the best rate.

Published: Thursday 5th November 2009