While many experts still frown upon this type of insurance, insurance companies note that long-term care policies have come a long way since they were first introduced about a decade ago and new government-imposed rules have standardized the industry. Most policies now cover both home care and nursing care for those who are challenged by the activities of daily living.
Simply speaking, long-term care insurance protects your assets if you need to spend a lot of money paying for nursing care. If you have no assets, Medicaid will step in and pay.
That means, says Stern, that the decision to buy long-term care insurance can be made largely on financial grounds.
If you have more than $2 million in assets, Stern points out, you’ll probably be able to afford the desired nursing care without need of the insurance. But if your part of the in-between group, with a medium amount of assets, such insurance may help you protect what you have, Stern stresses.
Don’t wait too long, however, to buy a policy. Stern points out that the older you are, the more these policies cost. Also, if you wait until you’re older to investigate such insurance, you may be turned down due to medical concerns such as diabetes or osteoporosis.
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