Long Term Care Insurance - Why You Need It

[morgandawn]

A good overview of things to consider when buying long term care insurance. and when to buy - start shopping in your 50s while you can still qualify.

"If you wait until you are in your 60s and health problems have set in, you may not qualify for any policy. And premiums are slightly lower when you buy younger."

Medicaid pays for long-term care — but not until people have already spent the majority of their financial assets. [Also, Medicare will only pay if you're admitted to a  hospital and then discharged from the hospital to the nursing home.]

“You can have a situation where a married couple spends down all their assets for the husband, which leaves the wife in a vulnerable financial situation should she outlive her spouse,” Mr. Fox explained.  more here