What Are the Limitations of Long Term Care Insurance?

Sometimes, people have expectations of long term care insurance that are not appropriate or realistic.  An important part of deciding whether long term care insurance is right for you is to understand its limitations.

Here's what long term care insurance will not do:

• Having long term care insurance, while it might be helpful, will not "guarantee" that you receive the best care possible.  You still will need to exercise care in selecting your long term care services provider.  However, because Medicaid pays only for certain services, having long term care insurance might enable you to improve your quality of life by giving you further options.


• Long term care insurance will not guarantee that you go to the front of the waiting list.  Many long term care providers have waiting lists.  Whether you are on a waiting list or not, most likely will be due to your combination of needs and the provider's ability to meet those needs.


• Long term care insurance will not prevent you from becoming frail or needing long term care services.  The purpose of long term care insurance is to protect your assets and reduce your financial risks.  It will not change your risk of needing long term care.


• Long term care insurance will not prevent you from becoming a resident of a nursing home. Having long term care insurance coverage only for home care will help pay your home care bills.


• Long term care insurance will not make your long term care choices easier. You still will need to research providers' reputations, review State inspection reports and do more to make a good provider choice. You need to be sure that the care you (or your family member) receive is the best choice for you in terms of setting, care giving philosophy and other concerns you may have.