The ability to preserve independence and to have choices available to them is given as the number one reason by people who purchase long-term care insurance, according to the Health Insurance Association of America.  Many people also buy it to preserve their retirement income for other things besides health care expenses.

But there is more to it than simply remaining independent.  Most people want to maintain their current standard of living as well.  They believe that government programs are unreliable and will not offer them the many amenities and luxuries to which they have become accustomed.  They are correct if history is any example.

Through the years, persons insure other risks that are not nearly as liable to happen. The risk of losing a home to fire or catastrophe or an automobile to accident or theft is very small compared to the need for long-term care, but most persons insure those possessions anyway.  The need for long term care is the greatest risk of all with almost 1 in 2 needing it sometime during his/her life. 

Long term care is expensive, very likely to happen and not covered by any other program until most of one's resources are exhausted.  Only then, when one's assets are gone, can a person hope to qualify for Medicaid, which is a welfare program with very stringent guidelines.

Every financial plan should include a strategy for the provision of long term care.  One strategy is to insure this risk through the purchase of long-term care coverage, one can protect oneself and the family.  In this manner, they can achieve peace of mind, preserve their assets and can look forward to a comfortable, worry-free retirement with financial security.