Question

What is long term care insurance? Do you think this is a useful tool? Why or why not? Would you purchase it? Why or why not?

Answer 1

1st part (long term care insurance):

It is basically the insurance products that are available in the United States, Canada, and the United Kingdom as it gives benefits to the people for the purpose of long term care. It is such a type of insurance that is not covered under Medicare, Medicaid, and health insurance. Long term care insurance gives the coverage to the person requires the treatment at home-health care, care at nursing homes, and to some extent adult daycare. Individuals those who have crossed the age of sixty-five years generally undertake such insurance to make their life smoothen as it covers a long term facility. The treatment that requires constant supervision like some chronic or disabling condition can avail the long term care insurance. Thus, it is having more flexibility as there remain many options to make it proper usage than many other programs belonging to public assistant.   

2nd part (Useful tool & Why):

Yes, it is absolutely a useful tool. As during any long term care sudden investing a big sum of money makes the situation complicated. Therefore, prior to utilizing a part of amount into long term care insurance will give benefit to the people during any major illness or disease that requires a long term treatment.   

3rd part (Purchase and Why):

Yes, it is necessary to purchase by an individual to avoid future adversities in terms of stabilizing better health condition. The reason for purchasing the long term care insurance is to ensure support for an individual during any major illness that requires longer period to get it recovered. Otherwise, if an individual attains any major physical disorder that requires a long term treatment, in such a condition an individual with no-issuance of long term care insurance may face difficulties in managing funding activities and such a long treatment procedure may hamper the financial situation.