What Are the Downsides of Long-Term Care Insurance?
Recognizing the rising cost of health care and in particular of long-term care, you may be investigating the option for getting long term care insurance. This can help to give you peace of mind that if you need advanced care support, such as that provided by a nursing home, that you will be able to afford it.
Many people do not realize that long term care insurance is a separate kind of insurance from Medicare and that Medicare does not cover the vast majority of expenses in nursing homes after a specific period. If you have extensive need for support with activities of daily living, you may need to qualify for Medicaid, cover these expenses in private pay or use long term care insurance benefits.
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