If you have assets you want to protect, can afford the premiums, and want to be sure someone other than the government will take care of you should you need it, then long term care insurance is for you. This is especially true if you are a woman. Long term care insurance is a key component of a sound financial plan.
Why Do Women Need Long Term Care?
Women have a significantly higher probability of needing long term care as they age, whether that care comes from home health care workers, nursing homes or assisted living facilities. Just the fact the women live longer than men increases their probability of needing such care. Because we live longer, we run a greater risk of falling victim to debilitating diseases, Alzheimer's, dementia, broken bones and other medical conditions that often necessitate long term care. In addition, since women are typically the caregivers in the family, quite often if a man is in need of long term care or assistance, if his wife can provide that care, she does. With men statistically dying younger, that leaves no one to take care of women when they need it.
A major concern, especially when it comes to nursing homes and assisted living facilities is privacy and preserving your dignity. Sadly, Medicare and Medicaid coverage will cover only certain facilities and for semi-private rooms only. Often you spend your remaining days in a place that, given the opportunity, you would not have chosen for yourself and sharing a room with a stranger. Sounds pretty unfortunate to me. Luckily long term care insurance can save you from that situation.
What You Need To Do To Protect Your Dignity And Health
Women need to be proactive in making sure that they have long term care insurance for themselves to protect their own dignity, security, privacy and financial assets. They need to educate themselves on the types of policies on the market and the limitations of each. You want to make sure that whatever policy you choose covers the type of care you would typically choose. Often there are restrictions, especially on home health care. Another thing to be sure of is that your policy has inflation protection built in, because the price of care today will be much different in the future, especially if you don't need to use it for another twenty plus years.
Be sure to find out about any possible discounts to help save you on premiums. Often, taking out a joint policy with your spouse will reduce the cost of separate policies. But if your spouse is reluctant to carry such insurance, go ahead and make sure you are covered. Women need this protection much more than men do. There may also be a cost break if you are in good health at the time you first buy your policy. Also, making one yearly payment on your policy tends to save you the charges affiliated with payment plans.
Investigate all the options available to you in selecting your policy. Give serious thought to how long you can afford to cover yourself before the long term insurance kicks in. This will help you choose the best elimination or waiting period for your policy. If you are unsure about your future finances, maybe a nonforfeiture clause would be a good idea, so you still have some coverage should you need to cancel your policy for financial reasons.