What is the Biggest Drawback of Long-Term Care Insurance?

Is there a right answer about whether to purchase long-term care insurance? It definitely has its pros and cons and they are pretty even. Some people choose not to purchase long-term care insurance because it costs too much. While others want to make sure they are taken care of when the time is ready.

Long-term care insurance offers peace of mind for many who use it. Once you purchase a plan, you’ll have the same funds to support you and your health as you age. It allows you to have funds available should you need to go into assisted living or require home health services.

Statistically, 68% of people who are 65 and older will require long-term care at one point or another, according to the American Association for Long Term Care Insurance.

Because it’s impossible to predict the future, evaluating the need for long-term care, can be difficult. Consider family history to best gauge whether you’ll need it as you get older.

One good thing about long-term care policies is that you’ll have a fixed amount for a fixed period of time. The downside is, no one knows when you’ll need it or how long you’ll need it.

For a best scenario, find a planner that allows you to try different scenarios for how you might fund long-term care and how it might best work for you. It will also allow you to work through different scenarios and weight all the pros and cons of each scenario.

Want to know more about long-term care insurance? Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the best insurance benefit solution. Advanced Insurance Concepts works with a variety of insurance companies and all Medicare Advantage providers in Missouri and Kansas. He is licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.