Is long term care insurance really necessary?
Some people never need it. But, if you are one of those unfortunate ones that does unexpectedly need to have it for that sudden illness/accident and you don’t have it you better have a back up plan. Your only other alternative would be for the state to cover you but your expense would be to give up your home, savings, or investments. Nothing is free, especially care for the elderly. It is one of the most expensive medical care programs we face today.
This is easy to answer. Are you rich? Medical insurance is necessary when you need mecial care… if you are not rich. For instance, if you have no insurance and required some major surgery/or admission, then the cost of care can go over $100,000 easily. If you have more than yourself to insure, then the cost of medical care could go up this much per person. Are you prepared to pay this? If your answer is no, then insurance is necessary. Yes, there are very FEW people who never need insurance. The question you need to ask yourself is…are you willing to gamble? There are many plans available today, but if you are self employed, or work for a small company…the premiums are more expensive. However, compared to the amount of a long hospitalization, the cost of insurance is beneficial.
