Benefits of purchasing long term-care Insurance

If the need for long-term care arises and you don't have insurance, the associated costs may have to be paid out of personal savings or financed by loved ones. If you are unable to afford the cost of hiring care providers, family members may be required to assist you, which means they may have to take unpaid leave from work. By purchasing long-term care insurance, you help to ensure that any costs associated with your care are covered, thereby lessening the financial burden on yourself and your family. It may be beneficial to purchase your long-term care insurance at an early age, as the premiums are usually lower for younger individuals. However, remember that long-term care insurance is not for everyone and is usually purchased by younger individuals only when they have a history of family illness that are covered under these policies. Bear in mind that coverage may be denied if the potential insured is already at a stage that requires long-term care. For example, if someone already has Alzheimer's disease, he or she may no longer be eligible for long-term care insurance. Finally, remember that paying premiums is less costly than paying long-term expenses out of your pocket. Before purchasing a policy, be sure to compare rates, features and benefits offered by different insurance companies, independent brokers and so on. More importantly, consult with your estate or financial planner and/or attorney about the choices that are appropriate for you and your family.