Why Buy Long Term Care Insurance?

People are living longer, often with conditions that require long term care from a medical professional. Ongoing care, whether a person lives in a nursing home, assisted living center or at home, is expensive and usually isn’t covered by a health insurance policy. A long term care (LTC) insurance policy can cover the costs of care later in life. Since most policies won’t cover you if you already have a chronic condition, such as Alzheimer’s, it’s important to purchase a policy when you are still healthy.

Avoid Being a Burden to Others

If you don’t purchase an LTC policy, a family member or loved one will have pay for the costs of your care if you can’t afford to do so yourself. The cost of care can be very high, even if you live at home. For example, the average hourly rate for a home health care aide is $21 per hour in 2010, according to the National Association of Insurance Commissioners. A semi-private room at a nursing home cost $78,000 per year in 2010.

Protect Your Assets

Even if you can afford to pay for the cost of long term care, you might prefer to leave your assets to your family after death, rather than use them during your lifetime to pay for care. The benefit paid by the insurance will go towards your care, so that you have something to leave your loved ones.

Contact Pilkington Financial Services in Colorado for more information on LTC policies today.