Long Term Care Insurance Pros and Cons

As people begin to age, the end of life options that are available to them become more of a priority. A focus on saving for retirement, for example, might transition to becoming a priority to consider long term care insurance. The costs of care as people age can be quite expensive and it can decimate not only a retirement account, but an entire family’s finances. There are some advantages to holding long term care insurance, but there are some disadvantages to consider as well.

Pros of Long Term Care Insurance

1. It allows people to stay in their own homes.
Most of the long-term insurance policies today offer people the chance to have in-home care included as an option. This will allow people the chance to stay in their homes for longer and maintain a level of independence. Instead of living full-time in a care facility, a caregiver would stop by routinely to provide support.

2. It reduces the burden of care on everyone.
As people are living longer and able to remain independent, there can be a great need for care as the natural aging process begins to degrade the human body. By having long term care insurance, the burden of care that everyone in a family would normally face for their aging loved ones would be reduced.

3. It protects the finances of a family.
The costs of long-term care can easily reach $100k annually. This doesn’t even account for the additional medical care that an aging population typically needs. By having this insurance, a family can protect their wealth and pass it along to the future generations instead of spending it on care needs.

Cons of Long Term Care Insurance

1. Not everyone is going to need long term care.
The harsh reality of life is that some people die sooner than others. There are people who might look at purchasing a long-term care insurance policy and wind up dying before they ever need it. You might pay for premiums for years and wind up never using the policy.

2. Some long-term care options may be exempted.
A base insurance policy may include specific types of long-term care, but people may need to purchase riders or insurance additions to cover other types of care that they may want. Because it is usually a healthy person who is in need of care, the actual type of long-term care that would be needs is more of a guess than anything.

3. It may not be affordable.
Some families may find that the costs of long-term care insurance are beyond their means, even though they may want it. For families in this situation, the outcome is typically becoming a ward of the state or country and that’s not necessarily an outcome that a family or individual may want.

There are several advantages to holding a long-term care insurance policy, but the disadvantages may make it difficult or impossible to use them. By weighing the pros and cons of this form of insurance, each person and their family can decide if it is right for them.

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