Because unplanned long-term care expenses can devastate personal assets very quickly. While Medicare and Medicare Supplement policies may help pay for nursing home care for short periods of time during rehabilitation and when skilled care is necessary, protection for the long-haul is, in our view, essential. Long- term care insurance may be right for some, but not for others. However, most folks do not fall into this category. No one knows what the future may bring.
People change their plans, marry and move away, become disabled themselves, or die.
If you are concerned about the cost of the coverage, you can increase the elimination period which is similar to the deductible in homeowner s insurance. The longer the elimination period, the lower your premium. Or you can reduce the daily benefit amount or not take an inflation rider. And, if you like, you can reduce the benefit period from life to five years or even three years. But don t let cost alone drive the decision-making process.