The purpose of buying insurance is to transfer risk. In the case of long term care insurance, you are transferring the cost of long term care whether it is in-home residential care or nursing home care, to the insurance company.

Long term care is expensive. The goal of long term care is to pay for the care of chronically ill patients. Unlike traditional medical insurance, where payments are made in order for the patient to eventually get well, insurance companies that provide long term care know that in most cases the patient does not get well. The medical expenses can conceivably last for years and care costs are extremely high. As a result, the premiums are expensive.

Diseases like Alzheimer's or Parkinson's may prevent some people from being able to purchase long term care insurance because of the underwriting requirements of the insurance company.

Why by the insurance? If you have sizeable assets that you would like to protect, long term care insurance is for you. If you have an estate and would rather not to see it get squandered away by paying the high cost of in-home or nursing home expenses, an insurance policy will protect your assets. There is a peace of mind that accompanies the purchase because the costs are pretty much contained within the policy and your assets are free to be passed on to the next generation.

In the event you don't have sizeable assets you have the option of applying for Medicaid. Medicaid is insurance for low-income families and individuals who fit within the criteria set by the government and the state in which you live. Medicaid is funded federally and administered by the state. Guidelines for obtaining Medicaid vary from state to state. Check with your state for qualification.

Whether you have assets to protect or not, it pays to buy long term health care insurance for peace of mind that it affords.

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