“Many purchasers of long term care insurance are in their later years. But when you wait until your later years to buy long term care insurance, you become more vulnerable to fraud and abuse” (FreeAdvice Staff, 2010, para. 1).Talking about the costs for such a policy, it is possible to say that they can variate, depending on one’s age. If you are older, you pay more, and consequently the premiums are higher. In other words, “as a national average, one day in a nursing home is estimated to cost more than $160” (All About Long Term Care, 2010).For a 50 year old man, the premium will be cost around $2,000. The premium for a 70 year old man will be cost about $3,000. LTC insurance provides tax-free payment in the amount of $1,500 to $12,000, depending on the plan.

The insured event occurs when the insured person cannot perform at least two of the key self-service functions: walking, dressing, bathing, etc. Furthermore, it is not necessarily to place a person in a specialized medical facility in order to receive payments from the insurance company. Individuals can purchase long-term care insurance in Counseling Services or State’s Insurance Departments.

Taking the above-stated information into consideration, it is possible to draw a conclusion that long-term care insurance is beneficial and useful for both you and your parents. The individuals will be able to get not only the best quality of life, but also the improved medical care with the help of long-term care insurance. Today, while we are healthy, it is time to think of the natural challenges that we can face in the future.



Korb, J., Turner, P., & McCall, N. (1999).Insurers’ Views of the Partnership for Long-Term Care.Inquiry, 36(3), 304-317.

All About Long Term Care. (2010). Cost of Long-term Care. Retrieved on December 13, 2011 from http://www.allaboutlongtermcare.com/cost.html

Free Advice (2010). Potential for Abuse and Fraud in a Long Term Care Insurance Policy. Retrieved on December 13, 2011 from http://law.freeadvice.com/insurance_law/long_term_care/long-term-care-insurance-fraud-abuse.htm