4 Benefits To Owning Long-term Care Insurance

The major beneficiaries of our decision to plan ahead for our long-term care expenses is of course our family. In many cases, the person who needs care may be cognitively impaired or so frail that they don't understand the impact that their need for care is having on their family. The themes of "family" and "legacy" consistently surface when people are asked why they chose LTC insurance as their plan.

The benefits of having long-term care insurance include:

1. Protection of Assets: A need for long-term care is normally paid for with cash, most often from assets accumulated for retirement. Paying for long-term care with these funds can compromise a safe and secure retirement.

Purchasing LTC insurance assures that our principle will not be invaded. It allows a retired couple to more freely enjoy retirement without being concerned that a long-term care need by one spouse will alter a well-planned and secure retirement for the other spouse.

2. Maintain Independence: People who have firsthand experience with the challenges surrounding long-term care are the strongest advocates of planning ahead with LTC insurance. The caregiving experience creates a strong desire to relieve family from the burdens of providing care.

To "maintain independence" gets to the heart of the true issue of LTC Planning.People who purchase LTC insurance are guided by a need to ensure their independence and financial security and retain as much control as possible over their lives. The thought of having to rely on children or friends for lifetsyle decisions and personal care is out of the question.

3. Secure High-Quality and Affordable Care: As our society ages, the demand for high-quality care will skyrocket. Those who can guarantee payment with private funds- by using their own assets or by receiving benefits from an LTC insurance policy- may have greater access to the level of care they desire.

4. Maintain Current Living Arrangements: LTC insurance may also allow us to obtain the quality of care we need at home, without relying heavily on family and friends.

Although some people think of long-term care insurance as "nursing home insurance," the major benefit of the coverage is having the ability to remain at home or receive care at an assisted living facility.

Chapter 9 of my book "How to Plan for Long-Term Care" will help you to determine if Long-Term Care Insurance is right for you.

By: A. Hamm

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