What is Long Term Care Insurance

What would life be like without insurance, pretty scary right? Whether it is car, home or health insurance we need it all for those unexpected problems that happen at exactly the wrong time. Of course that doesn’t mean that we don’t hate paying for it, especially health insurance that rises every year. But we know we can’t do without it. Another type of insurance that you might also want to consider is long term care insurance because you want to be taken care of when the time comes that you can’t take care of yourself.

One reason that folks don’t like to talk about this type of insurance is that they don’t want think about when they get older and they might need help. That is understandable because everyone wants to be independent but life has a way of changing things sometimes in a hurry. So you might want to consider paying for long term care insurance now so when and if the time comes you won’t have to worry.

• Your family won’t have to worry about how they are going to take care of you
• You won’t have to drain all your life savings to pay for care
• You can control what type of care that you can have with an insurance policy

In most states you can’t get Medicaid for long term care unless you use up all your assets. In other words you have to become broke before they will help out. Fortunately in a few states there is a program called “Partnerships for Long Term Care” In these states you would have to purchase a long term care policy that would cover certain things but you would also be allowed to apply for Medicaid. This way you will be able to keep some of your assets.

It isn't an easy decision to make when moving anywhere but when it is time to move into an assisted living communities there are quite a few things to consider.