For many financial advisors and other media personalities like national radio show host and columnist Dave Ramsey long term care insurance is a worthy investment — if the price is right, that is. Getting a long term care insurance is a wise decision, especially for those people over the age of 60.  This is the age group in which people are no longer capable of doing activities of daily living all by themselves. These people may not be sick in the real sense of the word, only that they are unable to do things on their own. For many people, including Dave Ramsey, long term care insurance is the type of insurance that will help cope with the expenses that naturally go with long-term care.

Usually, long-term care is not covered by health care or Medicare. With practically everything on the rise these days, requiring health care on an extended period can easily cause a dent in any one’s pocket.  This is where the beauty of long term care insurance comes in. Qualified individuals may avail themselves of long term care insurance even if they are not in the hospital setting at all. This enables them to cope with their medical and other related expenses.  This also gives them a sense of security, knowing that their medical expenses are being taken cared of.

Tax deductibility of long term care insurance is a benefit afforded to certain qualified individuals. By this is meant that the premiums being paid for a certain coverage, for instance, may be qualified for an income tax deduction. The program, though, is not yet offered to every qualified individual. However, a lot of improvements and developments on the program are currently under way.

For people like Dave Ramsey, long term care insurance should not cost beyond $1,200.00; otherwise it will be considered too expensive and impractical. Ramsey further stresses the importance of shopping around for companies that offer long term care insurance coverage. When looking for the right company, he suggests to make a thorough review of the company’s financial stability, policy features, and claims experience. There are many so-called LTC companies out there, but only very few will get your money’s worth.

So many times, it has been said that health is wealth. But as people get older, they begin to lose some of their independence. Thus it does pay to have some kind of insurance coverage. And for Dave Ramsey, long term care insurance is among the wisest investments one can ever make.

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