Long Term Care Insurance – Self Insurance vs Paying An Insurer

Long term care insurance is expensive. That’s a fact. Isn’t it a good idea to self-insure? That is, save up for money for retirement and just hope for the best? Isn’t it, after all, a fact that there’s a good chance that you won’t need it? What’s the best thing to do? It depends on you and your peculiar circumstance.

Self insurance means you’d have to pay out of your own pocket if you ever do need long term care. It’s certainly a wise move to take your chances if spending between $100 and $200 daily for a year won’t dent your finances. If you’re one of such fortunate few, self insurance may be a wise option.

However, if the mere thought of spending such an amount on it makes you shudder you’ll do well to get long term care insurance.

If you’re determined to NOT ruin your children’s life by over-tasking them with the demands of custodial care, you do well to get it.

If you have a history of health conditions that require this in your family, you do well to get long term care insurance.

If you want to choose where and how you spend your last years, you should get it.

The cost of this type of insurance is often the main reason most people don’t even consider getting it. This is how you can reduce what it costs: Visit at least three reputable quotes sites and get quotes on it. You’ll get the lowest rates possible that way.

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