Can You Afford NOT to Have Long-Term Care Insurance?

Do you have the perception that long-term care insurance is too expensive? Many financial experts say that long-term care insurance is important for protecting retirement savings. And the cost of not having coverage can be devastating.

Most people do not know realistically know what the cost is for long-term care services, which includes home health care, custodial services and nursing home care.

A lot of people think they can just pay for long-term care services if or when they need it, but it doesn't take long for the cost of care to exceed the cost of insurance. The cost of just two or three years in a nursing home can wipe out the average American's retirement savings.

Some insurance companies offer policies that provide greater flexibility as to how benefits can be used. For example, according to LongTermCareInsurancePros.com, policies that offer cash benefits instead of traditional reimbursement can cover the indirect expenses associated with long-term care, such as travel expenses, lost income for a family member serving as a caregiver, housekeeping services or other out-of-pocket costs. As soon as you trigger benefits, you receive a cash payment.

Some carriers offer a combination of cash and reimbursement in terms of paying claims.

For more information on designing a long-term care policy, Visit: LongTermCareInsurancePros