What is long term care insurance?  How does it work?  Who can it help?  What should you consider if you decide to purchase long term care insurance?  All of these questions are relevant regardless of your age if you are considering this possibility.  A decision about long term care insurance is an important part of financial planning.  The big reality is that healthcare costs can devastate retirement finances.   

Long term care is basically insurance policies to pay for people to assist those living in a nursing home, an assisted living facility or even in their home.  It can help people with families who are spread across the country, couples without children, or single adults have a plan for their long term care needs.  Before purchasing insurance talk with your financial advisor to see if long term care insurance should be part of your plan.  If you do decide to purchase long term care insurance, following are just a few of the items to consider. 

Monthly benefit that you might need based on costs in your area and the funds you would have available to meet such needs. 

How long to make the elimination period which is the length of time before the insurance starts paying the expenses instead of you covering those costs. 

Determine how long you think you might need the coverage to last which is called the duration period. 

Be sure to inquire how the policy will protect you against inflation so that your benefits keep up with the rising cost of healthcare.