How To Know If You Need Long Term Care Insurance
How To Know If You Need Long Term Care Insurance
Theres some piece of advice among financial experts that should be well taken to heart: do not over-insure, and insure only based on your needs. If youre still young, for example, youre better off taking out a term life insurance policy and investing the rest of your savings in high-yielding financial instruments like the stock market.
This brings most of us to the single most important point: when should you take out a long-term care insurance policy?
Deciding on whether you need long-term care insurance depends, for the most part, on where you are in your finances. If you only have low income to speak of and you are already at the retirement age, then youre better off staying at a nursing with Medicaid paying the cost of your stay. Since Medicaid is a federal and state program that is paying for nearly half the cost of Americas nursing homes.
But if youre a reasonably financially well-off person, yet you dont want old age getting in the way of your lifestyle, then you might ant to consider taking out a long-term care insurance policy....
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