Buying Long Term Care Insurance – An Unnecessary Expense?

Whether or not we realize it, buying long term care insurance is something most of us should think about at least once in our lives. Why? Because many of us will be faced with the need for long term care – whether it be for a few months, a couple of years, or the rest of our lives.

There are many different scenarios that may necessitate buying long term care insurance. For example, a single mother who works full-time may find out that her child has a debilitating disease – one that calls for constant assistance with every day activities such as getting dressed, standing and sitting, walking, and even eating. She wonders how she is going to be able to take care of her child as a full-time working, single mother. She can’t quit work; she obviously needs the money. However, if she continues working, she must find someone willing to take care of her child on a long term basis.

This is where buying long term care insurance enters the scene. If she decided on buying long term care insurance, she would have the assurance that her child would be taken care of.

The decision to buy long term care insurance is a tough one to make. Unlike health and life insurance, you don’t know if you’re ever going to need long term care insurance. And unlike auto insurance, buying long term care insurance isn’t a requirement. Since there’s no guarantee we’re going to need it, and it isn’t required, many of us forgo buying long term care insurance.

The decision against buying long term care insurance is an understandable one when made by people who qualify for government assistance such as Medicaid or Medicare, or when made by people wealthy enough to pay for long term care out of their pockets. However, if you fall in between these categories, buying long term care insurance may be a wise decision.