Should you at any point think that you might fall into any of these categories you might want to consider getting a plan earlier to be safe and covered. Most large insurance companies offer long term care insurance policies. As always, every state has different insurance regulations, therefore it is best to check with your state on specific determining factors and qualifications.

Long-Term Care Insurance is still fairly new on the market and many people don't even know that it exists or what it covers. Even those who have heard the term don't always know when benefits are paid, how they are designed, and who qualifies or needs coverage. Many people wait till they are past retirement age and closer to needing benefits before thinking about this type of insurance, by which time it is too late to get a great rate and qualify for higher benefits.

You need to start thinking of investing earlier in order to maximise your options. Nowadays it is becoming more common for people to start thinking about what will happen 30, 50, or more years ahead. Many people invest in 401Ks, IRAs, stocks and bonds, and other types of investments to prepare for the future thinking that this will pay for future living expenses and leisure activities once retired. Unfortunately things don't always go according to plan.

Picture the following scenarios.

1. You have an accident and need day to day help getting about your daily activities. Who's going to pay for that?

2. As you get older you require home help. You may decide you would rather live in your own home for as long as possible and therefore you would need to have enough money to pay for personal home care.

3. Some seniors enjoy assisting living facilities that provide 24 hour nursing care, but still let you be as independent as you can.

4. Then there are those instances where nursing home facilities are needed to tend to varying degrees of illness.

5. You may need long-term care to provide help due to a long-term illness or disability.

The average cost of these types of care can vary in cost from around $40-$100 thousand per year and sometimes more. This will very quickly eat into your savings and social security benefits. If you think Medicaid or Medicare will help, think again. Even if and when you qualify, your savings are now gone and they will only pay up to 50% of the cost, therefore someone has to come up with the rest. Long-Term Care insurance can help with these costs in the unfortunate event that you require nursing care.

This coverage will help provide nursing home care, home-health care, personal or adult day care usually for individuals above the age of 65 or those with a chronic or disabling condition that needs constant supervision. All of these types of long term care can be very expensive, that's why most people need insurance. Long term care insurance offers more flexibility and options than many public assistance programs. For example, on average facilities that provide skilled nursing care typically charge from $150 to $300 per day, or over $80,000 per year or more. Even custodial home care can cost over $9,000 a year if used three times a week. Most long term care insurance policies will cover only a specific dollar amount for each day you spend in a nursing facility or for each home-care visit. Therefore, when you are thinking about getting an insurance policy, it's essential that you read the policies carefully and compare the benefits to determine which long term care policy will best meet your own needs.

About the Author

C Gordon-Eales - writes a guide to helping you choose the right nursing/convalescent home