On average, the typical American is neither adequately prepared financially or knowledgeably to ascertain long term care insurance. Many tend to put the thought of needing it out of their mind, thinking themselves infallible or healthy enough to withstand what life may throw their way.
As idealistic as this may seem, it is hardly ever the case. And without long term care insurance attained early in life, the health issues one faces as they get older may cause irreparable damage to finances. Also, the likelihood that you will need long term care increases as you age and you may not be able to afford the ever-increasing prices.
A long term care insurance policy can help you to transfer a portion of the economic liability of long-term care to an insurance company in exchange for the regular premiums. This means that were you to become feeble in old age and need medical attention, whether it be nursing home care or home care, you would not have to rely on family members for support, but rather have a policy that helps you cover those out-of-pocket expenses.
Department of Health and Human Services can also provide additional information for planning. Click on this LongTermCare.gov link to see additional information on planning for long term care needs.
