 Why
do people purchase Long Term Care Insurance?
As with any insurance, long term care insurance protects your assets. In addition,
it gives you control over where you receive your care. If you do not
wish to be put into a nursing home, long term care insurance is your only option
because it removes any financial incentive for anyone to force you
into a nursing home. Preserving your current lifestyle is a common
reason. To relieve friends and family from the burdens of taking care
of you is also a major reason. The best reason to have long term
care insurance is probably that it
allows you to control your own future, rather then having to rely
on others.
Even rich people sometimes end up in a nursing home - Why?
There are two reasons. First, you must pay for your own care and that
care is very expensive, so assets are quickly depleted. Second, the
heirs to your estate have a financial incentive to put you into a
nursing home just to save their inheritance! It is unethical, but
perfectly legal, for someone to get a power of attorney to take over
your assets (for your own good). They can then put you into a nursing
home, pay the cost for five years, then put you on Medicaid!
How much does long term care insurance cost?
It depends on a lot of different factors. The optimal insurance policy
will differ from person to person. By clicking on the "rate quote"
button, you may receive a long term care insurance rate quote from the three best insurance
policies available.
How do I know I will in fact get "the best price"?
We list the companies we consider in our analysis for all to see.
By clicking on the "companies" button, you may view the companies.
I already have Health Insurance. Why do I need this?
Health insurance pays only for doctors, medical tests, drugs, and
hospital costs only. Only temporary homecare and nursing home care
is covered. If you get any chronic illness, it is long-term care insurance
that will help you, not health insurance. If you never want to end
up in a nursing home, long-term care insurance is your best and lowest
cost option.
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