Do to advancements in lifestyle and health care, we are living longer than ever. So, who should be looking into this type of insurance?

It would be very help to us when we are doing financial planning to have a real good crystal ball. If we knew for certain how long we were going to live and just what our future health was going to be, we would have no problem making decisions on such risk management ideas as insurance. It is impossible to tell what is going to happen in the future and we have to make those important decisions based on rather uncertain factors.

Who needs Long Term Care Insurance? The answer to that question is quite simple. It is really the people who have a lot to lose who need it the most. In the United States, there is no universal health care plan that provides coverage for everyone. On the other hand, people that have no assets and low income can receive some help from various programs should they become unable to care for themselves.

Long Term Care is usually defined as needing assistance to provide some of the basic functions of life. These would include eating, dressing, and moving from one place to another. People receive assistance and long term care in Nursing Homes or sometimes in their own homes from nurse's aides and other caregivers. Although long term care is often thought of as a problem for elderly people, statistics do not bear this out. Something like 40% of all people receiving long term care are under the age of 65.

A well known example is actor Christopher Reeves who received extended long term care for almost nine years before his death. The problem is that long term care can be very expensive. When a person has assets that would disqualify them from receiving Government aid, this expense will whittle away those assets fairly quickly. Long term care is well named as often it can extend for a very long time. In most cases, Medical Insurance does not provide the answer as it usually does not cover long term care. The drain on assets will quickly create a financial problem The money that is intended for other purposes is needed to pay for the care and is no longer available. This is where the Long Term Insurance Policy comes into play.

It is important to be aware of the exclusions in most Long Term Care policies. In most cases, they do not pay for pre-existing medical conditions such as Alzheimer's Disease, nor will they pay for care required for mental conditions. Long term care needed as a result of self inflicted injuries, such as suicide attempts, will also be excluded. It is the person who has built up some financial assets or is planning to do so in the future that should consider the purchase of Long Term Care Insurance. The old saying reminds us that people who have nothing, have nothing to lose. It is the people with something to lose who might be wise to consider a Long Term Care policy as a part of their comprehensive insurance package.