Deciding whether to buy long term care insurance is one of the most difficult financial decisions you may ever have to make. While it can provide peace of mind for many people, as well as preserve your assets, long term care insurance is not right for everyone. Your insurance agent or financial advisor may give you a hard sell on a long term care policy, but how do you get unbiased, objective information on whether to make this type of investment?
If you commit to a long term care policy, you will be spending thousands of dollars per year on premiums, which usually means making sacrifices in other areas of your life. Spending money on long term care insurance may mean you cannot afford a vacation, repairs on your home, a new car or other items you would otherwise buy. The sacrifice may be worth it, especially if you have no other means to pay for nursing home care or have no family to care for you if you become ill.
While using Medicaid to pay for nursing home care is an option for some, it requires you to spend down your assets and may substantially lower your standard of living. If you rely on Medicaid to pay for long term care, you may be unable to leave your children and other heirs an inheritance or provide them financial assistance if they need it.
There are many factors to consider when deciding whether long term care insurance is right for you. Most people do not know whether they will actually need long term care, and if so, for how long. To make matters worse, the actual cost of long term care is a moving target. It is difficult to estimate how much long term care will cost in the future. Although it is important to get advice from your financial planner, you can protect yourself by doing your own research. It makes sense to read a few books about long term care insurance. One of the best guides on the subject is Long Term Care: Your Financial Planning Guide. Written by one of the leading authorities on long term care planning, this book will help you go through the process of deciding how to pay for long term care.
Long Term Care: Your Financial Planning Guide points out all the details you need to know before buying a long term care policy. In addition to explaining what different types of provisions cover, it discusses the differences between a bare bones policy and policies that cost more. It explains the pros and cons of relying on Medicaid, as well as issues involved in eligibility criteria, estate recovery, transferring assets, and Medicaid planning.
Long Term Care: Your Financial Planning Guide features a detailed overview of alternatives to long term care insurance, such as viatical settlements, reverse mortgages, life settlements, and long term care annuities. Whether you are planning your estate or just trying to plan for long term care, this book is an excellent companion to Long-Term Care: How to Plan & Pay for It.
For more information about nursing home care, long term care insurance, and Medicaid planning, check with relevant state agencies, such as your state department of aging or department of health and human services. Also, see our pages on Medicaid planning and long term care.
For free tips and suggestions, see tips for seniors and info for Baby Boomers.
When a Family Member Needs Care
When someone in your life needs assisted living or nursing home care, it is not only difficult for that person, it can put your own life in turmoil as well. Maybe you are responsible for making health care or financial decisions for that person. Or you may be dealing with someone who refuses to get the care they need. You may be struggling to handle the responsibilities in your own life while caring for an elderly family member, or the guilt of having to put someone you love in a nursing home could be tearing you up inside.
Whatever challenge you are facing regarding long term care, you are not alone. With our aging population, these issues are touching the lives of more people every day. Author Peter S. Silin has written an excellent guide to dealing with the range of issues involved in making decisions about long term care. His book, Nursing Homes and Assisted Living: The Family's Guide to Making Decisions and Getting Good Care takes you through all the steps involved in the process, such as deciding what type of care is necessary, finding a nursing home, dealing with special health issues such as Alzheimer’s and dementia, preparing for the move, and addressing problems with a nursing home facility. He also provides guidance on how to deal with the guilt associated with long term care decisions and how to handle a loved one who refuses the care they need. Nursing Homes and Assisted Living: The Family's Guide to Making Decisions and Getting Good Care has helped many people. If you or someone you know is facing this difficult situation, this book is highly recommended.
The Complete Guide to Long Term Care
The long term care guide most popular with our readers is Long-Term Care: How to Plan & Pay for It. It covers the complete spectrum of long term care services, including at home care, independent living, assisted living, nursing homes, and hospice care. This guide also explains the methods of paying for long term care, such as Medicare, Medicaid, and long term care insurance.
Long-Term Care: How to Plan & Pay for It features a resource directory with information on caregiver support groups, Alzheimer’s disease organizations, and other organizations that assist seniors. It also provides information on estate planning for health care and financial decisions, as well as conservatorships. This extremely affordable guide is an excellent resource for anyone who needs information on long term care or how to pay for it.
. Written by one of the leading authorities on long term care planning, this book will help you go through the process of deciding how to pay for long term care.
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For more information about nursing home care, long term care insurance, and Medicaid planning, check with relevant state agencies, such as your state department of aging or department of health and human services. Also, see our pages on 
takes you through all the steps involved in the process, such as deciding what type of care is necessary, finding a nursing home, dealing with special health issues such as Alzheimer’s and dementia, preparing for the move, and addressing problems with a nursing home facility. He also provides guidance on how to deal with the guilt associated with long term care decisions and how to handle a loved one who refuses the care they need. 
