Here is the conclusion of Corrine’s article on Long Term Care Insurance. I have found that when I’m helping Seniors with their Reverse Mortgage, very few of them planned on needing assistance when they were older. And even if they wish to purchase the insurance, they won’t be able to qualify due to health issues.
No one ever plans on “getting old”. But you will and there’s no escaping it. Plan for the future. Not only for yourself but your family as well.
I bought my own policy a couple of years ago and believe me, I’m really glad that I have it. I’ve seen what happens to people when they grow old, helpless and don’t have any money. Medicaid or MediCal are not something you want to rely on and don’t even THINK that Medicare will pick up your expenses.
The product is not suitable for everyone. If you have to make substantial changes in your lifestyle to pay your premiums, it isn’t for you. Like any insurance product, it is for those who have something to protect and something to lose. The product is suitable for anyone who wants to avoid an unintended invasion of their portfolio and those who want to maintain their independence, their choices and help their kids fulfill their promise that they’ll never put you in a nursing home.
This isn’t a do-it-yourself product. Meet with an agent specializing in long-term care insurance so they can pick the most appropriate plan at an affordable premium.