Statistics have shown and there is little denying that long-term care will be in most of our futures at some time and to some extent. It also seems to reason that the premiums/costs to insure against this almost inevitable risk are far less than the cost of paying these fees out of pocket. We can also agree that the costs for long-term care are escalating and with no reduction of costs in the foreseeable future.
With mounting evidence that long-term care insurance is a prudent purchase, why do so few people purchase it? While each consumer may have their own reasons for taking “a pass,” I believe that the answer lies in the simple fear of the “use it or lose it” provision of the policy. “What if I never make a claim?” “What if I never need to access the policy?” The idea of writing checks towards a policy that may go unused and with no residual value is, in my opinion, the overwhelming reason why more long-term care insurance policies are not purchased.
However, “What if a long-term care policy provided for a death benefit so that an individual’s heirs would receive proceeds if the policy had never been accessed?” “What if a long-term care policy provided for a return of premiums paid in if the individual never accessed the policy?” And finally, “What if a long term care policy no longer came with the ‘use it or lose it’ provision that scares most candidates away from securing the protection that they need?”
These features and others are now available in a changing long-term care insurance marketplace. While this is not a “one size fits all” solution and not everyone will qualify for the this newly designed coverage, a conversation with your planning professional will serve to better educate you and determine if this type of long-term care coverage is appropriate for your needs.
I suggest that you visit with an Epilawg attorney to determine if long-term care protection is right for you.