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Should You Buy Long Term Care Coverage?

By Marilyn Katz

Republish: EasyPublish™
Published: 27Dec2011
Word count: 499
Viewed: 89 time(s)

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If you are over fifty, you have probably wondered about the need for long term care coverage. You may not think you will ever need this type of policy, or you many only think it is something that elderly people need. However, middle age may be a good time to compare and purchase these policies for your future needs.

What is long term care insurance (LTCi)? It is a type of health insurance that pays for the cost of extended nursing services. This could be care that a nursing home, assisted living facility, or home health aid provides. Different policies may cover all, or certain types of care. It is very important to note that most other types of health insurance policies will not cover long term care even though they may cover short term care. This type of coverage fills that gap. That is why many people over 50 start thinking about the need for this type of coverage.

Do you actually need long term care coverage? Please consider the pros and cons of long term care insurance before you make a decision. The need for a way to pay for nursing care may seem a long way off if you are a healthy and active middle aged person. However, experts believe that half of us will need extended nursing care at some point in the future. Nobody can possibly know when that need will arise. The need for extended nursing care is more common with elderly people, but younger pepole with certain diseases or injuries may need it as well.

In addition, you should know that nursing care can be very expensive. The cost will depend upon the type of care you need, where you live, and how much these expenses will increase in future decades. There is no way to know for sure, but many types of nursing care cost thousands of dollars a month. This expense can put a dent in your savings very quickly!

LTCi has some things in common with other types of medical policies. Premiums may increase as you age. You may be able to lock in fixed rates when you are younger. This could encourage you to purchase a policy earlier.

In addition, some of these policies can actually be deducted from your income taxes. This means that you could have an extra deduction while you are still earning an income. This deduction reduces the real cost of the premiums since it could lower your tax rate! A deduction could encourage you to buy this type of insurance.

Not everybody needs long term care insurance. You could rely upon your savings. Some other products also have options that could help you pay for nursing care. You should research nursing policies, plus alternatives, and then decide which choice is the best one for you and your family!

Visit the Over 50 Website for more interesting discussions of things important to active baby boomers. Learn some more about long term insurance pros and cons!

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