Long term care is a phrase used to describe the care given to people who need assistance doing everyday things – eating, using the bathroom, moving, bathing, dressing – and long term care insurance is the insurance that helps cover the cost of this assistance. Long term care may be provided in a nursing home, an assisted living facility, or even at home.

Not if you are lucky enough to have friends and family members who will agree to dedicate the time to help you with these every day activities; however, even those who love you the most will need a break occasionally.

Federal and State programs such as Medicaid and Medicare may cover the costs of long term care, but not everyone qualifies for these programs. If you are considered too wealthy for these programs, you may want to consider purchasing long term care insurance.

Purchase long term care insurance at a young age; at least before the age of 60. Younger people are less likely to be turned down, and premiums are lower for younger applicants.

Is there any way to save money?

Sure. Shop around and compare long term care insurance companies. Try buying a group policy from your employer. Choose a policy with a longer waiting period. Buy a joint policy with your spouse. Look for policies that cover most of the cost, rather than all of the cost.

How do I find a dependable long term care insurance company?

As is the case with all insurance companies, check them out with independent rating companies. Make sure the company has a good reputation, has been around for a while, and is financially stable. You may purchase a long term care insurance policy today, and not need it for fifteen years. Is the company you choose going to be around by then?

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