Posted on August 11 2010 by Jacob Cook

Who Needs Long Term Care Insurance?

all statistics of this term is frequently used at the heart needs time, it should first glance it may seem that with almost everyone should have insurance, long-term care, are adequately protected from such a serious risk.

For example, consider the statistic that half of all elderly people over 65 have to deal with almost any way in the long term. In addition, the idea that the average cost of living in a nursing home can Exceed $ 80,000 for each RUN yearmany areas, and a year cost increases at a rate well above five percent. It is not that kind of disappointing facts clearly show that everyone should buy long term care insurance?

Actually, the answer to this question is “not necessarily”!

There are some situations where LTCi can not be the best choice for everyone. Let’s talk about who should buy and do not care.

A common myth is that for those LTCiwith very little money. But the truth is that in order to benefit those with very low incomes and little savings for the Member-funded health care can easily take place, simply do not need LTCi. In fact, LTCi is especially for those who have sufficient income or assets that are protected against the risk must be a disease that requires more attention could be imprisonment.

The National Association of Insurance Commissioners to propose the following guidelines for candidates LTCi: (a) retirement incomeshould be at least $ 20,000, and (2) assets should be at least $ 30,000, not counting their homes and have a car.

For those that have a countable assets that exceed Medicaid limits, but not enough to pay for a nursing home stay longer term out of pocket, LTCi is probably a wise investment. For these people come to $ 7,000 or more per month for nursing home costs, would be a heavy burden on their savings and jobs of a financial burden thatParticularly difficult for the community spouse. Invest in LTCi can help to ensure the independence of these people and protect property by beloved spouse and / or children.

Then there are the small minority that have a sufficient assets and income that can easily pay for a nursing home stay for 3-5 years old and still provide for the spouse in the meantime without anguish. This group can choose, just give LTCi and rely on their savings should go to this need.

ThoughMany of these people are seeing the wisdom of investing in LTCi however, because to use them in a position to invest money in this policy to a much higher level of protection to buy, as if only their own resources, and possible protection of their property to be a serious risk at the same time.

So as you can see, there is no one-size-fits-all solution for everyone when it comes to LTCi. But there are some situations in which to invest in a good policy can be very LTCiprudent and in other cases it may simply be to consider the possibility. And to protect persons with low income or savings you have, it is not necessary.

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