If you qualify for long term care insurance, there are several important advantages. A personal insurance policy may allow greater choices in the facilities and services that are utilized. B. Transfer the financial risk of long term care. Financial risks will largely be transferred to the insurance company. C. Protection of retirement savings and family assets.
Personal savings remain available for family and retirement needs.
About 4 out of 10 persons age 65 and above will spend some time in a nursing home. Many of these stays will be for relatively short periods, such as recovery from acute illness or surgery. Others will be for longer periods. The average of all stays is 2.5 years. The average nursing home stay for Alzheimer's patients exceeds 9 years.