From Bobbie Sage,
Your Guide to Personal Insurance.
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Thinking about one's finances 20, 30, even 40 years in the future is becoming more common. Investing in 401K's and IRA's are also common to secure a pleasant and enjoyable retirement. But what if everything does not go as planned and you need help with your daily living activities as you grow older? Do you have enough in your retirement savings to live in the assisted living home of your choice? What if you want home care? Long term care insurance is designed to provide you help with these services due to a long term illness or long term disability.

Average costs for nursing home facilities can range anywhere from 30-70 thousand a year. Don't count on Medicare or Medicare Supplemental Insurance to pick up the bill. If you can qualify, Medicaid may pay up to half of the cost. Choosing long term care insurance can help you pay for costs of a nursing facility or home care if the need arises such as a long term disability or other long term illness. The guidelines below will help you determine if long term care is something to look into:

Who Should Consider Long Term Care Insurance?

1. You have a large amount of income or assets and feel you probably would not qualify for Medicaid.
2. You don't want to rely on assistance from the state or other sources such as relatives.
3. You can afford to pay the premiums. (Depending on your tax situation there may be tax benefits.)
4. You currently have health problems or have a family history of a long term illness. (Once you have a long term illness or long term disability you probably would not qualify to purchase a policy.)

If you feel you may fall into any of the categories above, it is important you find out more about where to purchase a long term insurance policy. Your employer may offer long term care insurance as a part of your benefits. If not, you can purchase an individual long term care insurance policy from your insurance agent. As always, every state has different insurance regulations, therefore it is best to check with your state on specific determining factors and qualifications.