1) Long Term Care Insurance is purchased to protect assets, income or both from the high costs of long term care.
2) Long Term Care Insurance should be purchased at a premium amount that would be comfortable for you. Individuals can partially self-insure to lower premiums. Some protection is better than none.
3) Some individuals use a small portion of their assets or the income from their assets to help pay for Long Term Care Insurance and protect the balance of their assets.
4) A Long Term Care Insurance policy provides funds for eligible long term care expenses to prepare for the future financially without necessarily using the majority of your assets in a short period of time.
5) The best time to buy Long Term Care Insurance is when you’re healthy, as certain medical conditions may prevent you from being accepted for coverage later on.
6) The annual premium for a Long Term Care Insurance policy is typically less then the cost of nursing home or home health care over the same period.
