Long term health care insurance is still a new idea for most people and a lot of people don’t even know it exists or what it covers. Even those who do know about it may not know how benefits are paid, how plans are designed, and who qualifies for coverage. Many people don’t think about long term health care insurance until it is too late to get a great rate and higher benefits.

A more common practice that people are leaning toward is to start thinking about what will happen 30, 50, or more years ahead. A lot of people invest in 401Ks, IRAs, stocks and bond, etc. to prepare for the future. Most of us think this will pay for living expenses and leisure activities once we’re retired.

What happens when thing don’t go according to plan?What happens in the unfortunate incidence of an accident and you need help with your daily living activities? Or, you get to a point in your elder years that you require home care, as you grow older? Remember that something like 7 out of 10 couples will have a long term care need, so even if you don’t your partner might…and that’s when the money starts flowing out.

Long-term care insurance is designed to provide you with financial help  due to a long-term illness or disability. The average cost of these types of care can cost around $40-$100 thousand per year and sometimes more.  LTC insurance can pay these costs in the unfortunate event you require nursing care.

Should you consider Long Term Care Insurance? If you want to retain control over your health care… then, yes.  If you want to retain control over your estate and financial security…then, yes.  If you want to retain your independence for as long as possible…then, yes.  Remember that Medicare rarely pays for long term care costs and when it does it limits how much and for how long.  In fact, Medicare stops paying anything after a few months.