Buy Long Term Care Insurance

There are many reasons why people choose to buy, or not buy, long term care insurance. A study released polled buyers and non-buyers of long term insurance policies during the year 2005. (Who Buys Long-Term Care Insurance? A 15-Year Study of Buyers and Non-Buyers by America's Health Insurance Plans, May 8, 2007)

1. This study found that among people who do not buy long term care insurance plans, 70% underestimated the actual cost of long term care. Many mistakenly believe that all facets of long term care are covered under Medicare, Medicaid or their health insurance policy. While these types of insurance cover some aspects of long term care, the coverage is quite limited and usually only available to people who meet certain criteria.
2. At least 76% of respondents in the same poll chose to buy long term care insurance to protect their assets. Many are concerned about rising health care costs exhausting their savings during their later years. Long term care insurance is not a guarantee that this will not occur, but it can certainly diminish the financial burden of long term care costs.
3. The study cited that 56% of non-buyers were still undecided as to whether they wanted to buy a policy or not. Do you fall in that category? In order to make a decision, you need to gather as much information as possible. To compare rates from different insurers you can submit the free, no obligation online form to InsureLog.com. This information can be used to help you decide whether or not you want to buy long term care insurance.