November is national “Long Term Care Awareness Month.” During this month the insurance industry wants to motivate you to purchase Long Term Care insurance.
Long Term Care insurance is nice. It does a wonderful job doing what it does. If every middle class wage earner purchased Long Term Care insurance and did not rely on Medicaid for their Long Term Care, our state budgets would not be in the red.
Never-the-less, Long Term Care insurance is just one option for paying for Long Term Care. If it is not the option for you, you can elect to save money elsewhere or use life insurance to help with your potential future costs. There are a handful of ways that you can make plans to help your loved ones pay your future bills. Long Term Care insurance is just one of them.
With that having been said, this post provides facts in support of using Long Term Care insurance. If you are a visual learner, here are 5 charts about Long Term Care insurance that should help you understand why I feel that Long Term Care insurance is an important part of your insurance portfolio. The sources for this information are cited at the bottom of each chart.
(Click on the charts if yon need to enlarge them.)
1. WHEN DO PEOPLE BUY LONG TERM CARE INSURANCE
2. WHO USES LONG TERM CARE INSURANCE
3. WHAT ARE THE ODDS OF USING INSURANCE AFTER AGE 65
4. HOW MUCH CAN YOU EXPECT TO PAY FOR LONG TERM CARE