Like all insurance, if you end up needing long term care insurance, it can be a great deal. But, if you don’t use it, then you could argue that you wasted your premium payments. In reality, you buy insurance to cover the “what if” situations in life.
I have had plenty of clients that paid for long term health care Insurance that died without using their policy benefits. However, I have also had several clients who fell ill and were able to stay in their homes with in-house care only because of the funds paid out from a long term health care policy. I have also had clients with Alzheimer’s who could be placed in very nice memory care facilities that they would not have afforded without their policy benefits.
I suggest that you spend time to compare the various policies available, then assess your ability to self-insure should you fall ill. Be honest with yourself about how important it is for you to stay in your house should you ever become unable to easily walk or care for yourself. Ask your doctor about the chances of developing Alzheimer’s. You can find a great deal of information about the costs these situations will bring, and if you find that your own funds will not cover the costs, then long term health care insurance is something you should seriously consider.
In the end, paying for any type of insurance is about making you sleep better at night, knowing that if something unexpected happens in the future that you are covered. If you have questions about estate planning in Lehigh County, Pennsylvania, feel free to contact our office for a free consultation.