More often than not, our priorities change whenever the need for long-term care arises, even if you have modest amount of savings, it would still be a struggle to pay the cost of care out of pocket. Even if you have ample amount of money, it wouldn’t be wise to spend it all for long-term care expenses, having insurance coverage gives us leverage, so you don’t end up depleting lifetime savings.
The real value of having long-term care insurance is not only financial security, it also spare our family and loved ones from emotional and physical distress. It also provides us with variety of options on where we want to receive care.
Even if we have the funds to pay for all our future long-term care needs, wouldn’t it be wiser to put that money into something that would benefit the majority? Like leaving it to your children or other heirs? Remember that even home-based care which is the cheapest setting will still cost more than the average income of an American.
Assess your need for ltc, educate and keep oneself informed on the issues, updates and general information of long-term care so you can check your options and choose the best policy for you.