Six Great Reasons to Consider Long Term Care Insurance. Although it's nice to think that your family will take care of you in your old age, nowadays, with so many two-income families, this is frequently not possible. And many parents wouldn't want to place that additional emotional or financial burden on their children.
Some people realize that the quality of care available under welfare can be less than private pay.
Also, quality nursing homes tend to favor private pay patients during admissions. Being able to choose a nursing home gives a family the freedom to move their loved one into a quality facility, nearby, when the time comes. There are people who don't want to be dependent on the government for care. They feel welfare is for the truly needy, not for people trying to hide their assets in order to qualify. Everything an individual worked for can be wiped out by nursing home costs.