Few people want to believe they will need long-term care insurance, but the reality is, many of us will and purchasing coverage at an early age can be a strategic move. The younger you are when you purchase, the easier it is to qualify, and your payments could be significantly lower.
Ask anyone who has had to care for an aging or ailing parent if long-term care insurance is worthwhile, and they will tell you that it is far better than the toll it can take on your family emotionally, physically and financially. Long-term care helps alleviate the need for families to care for loved ones by themselves. It provides skilled nursing, intermediate or custodial care for a patient in a nursing facility or residence following an injury or a debilitating illness, providing the patient the care they need and the patient’s family an opportunity to enjoy the time they spend with their loved one. Having long-term care insurance in place prevents the patient or family from having to tap into their life's savings in order to pay for this important care.