WHY YOU DON’T NEED LONG TERM CARE INSURANCE

If you are considering buying long term care insurance to protect yourself against the cost of extended health care – don’t bother.

Someone will always take care of you if you need long term health care. Maybe it will be your spouse, or your daughter, or some relative who feels obligated to help out. Or, it could be professional caregivers if you feel inclined to liquidate your assets to pay for them.

And even if your family cannot, or will not, take care you and you run out of money - not to worry! The government will put you in a nursing home and pay for your care under a welfare plan for the indigent called Medicaid.

So you see, buying long term care insurance for your own benefit is a waste of money.

Buying it to protect your family from having to reduce their standard of living to pay your long term health care bills –or spending down the assets you planned to give to them - is a different story!