Long-Term Care Insurance provides financial support to help pay for care related to a chronic condition.
The fact is you don’t need long-term care insurance to get long-term care services when you need them. You can pay for long-term care with your own money, and if your money runs out, you will more than likely qualify for the welfare program of the state you live in.
To qualify, you (and if you are married; your spouse) can only have a minimal amount of assets. The level of care in these state-run Medicaid nursing homes has limited funding and staff. The location of the facility where you could be sent may also be miles from your home, away from friends and family.
Long-term care insurance gives you more control. It allows you to save your assets if you desire to give them to children, grandchildren, or your favorite charity. Long-term care insurance allows you to keep your dignity and have the money to pay for better care than state-run welfare programs can provide.