Page 22 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

4 Growing Old Without a Plan for Long Term Care is not for Sissies In essence, Long Term Care Insurance is much like any other type of insurance in that it transfers risk to an insurance company in exchange for premium payment. Why Do People Buy Long Term Care Insurance? Here are six common reasons why people buy Long Term Care Insurance: f To relieve the potential burden on their loved ones. f To make certain they have a choice of care and receive quality care. f To help them maintain their independence. f To protect the income and assets they’ve worked to earn (either for the spouse or to pass on to an heir.) f To avoid having to rely on Medicaid. f To proactively make decisions that protect their family and themselves. Do You Need Long Term Care Insurance? Whether we need Long Term Care Insurance is a personal decision each of us must make. Here are some questions you can ask to help you make your decision. What is the likelihood that I will need long term care? This is a tough question because no one knows the future. However, you can make an educated guess by looking at family history including longevity, your personal health history and