The importance of owning long term care insurance is typically described in terms of statistics. And, while there is little doubt that the odds of your requiring care are increasing at an alarming rate, your decision to take action… or not to do so… will likely be an emotional one rather than a logical one.

Unless required by law (e.g. homeowner’s or automobile insurance), the purchase of any type of insurance is primarily related to cost versus perceived benefit. Our human tendency is to gravitate towards immediate gratification rather than be overly concerned about future possibilities.

Those of us under the age of 50 seldom think about the possibility of needing care as we mature. And, those of us over 50 like to believe we will never be in a position wherein we require professional care giving. Oh sure, we might need the aid of a cane or portable walker, but it is unthinkable that we would ever need help to eat our food, or go to the bathroom.

Ironically, even when we witness first-hand the impact this tragedy has on others, indeed, even our own loved ones… we tend to ignore the possibility that we, too, might need care in the future. More times than not, the cost associated with owning a long term care policy will override the more rational consideration to offset the cost of receiving professional care.

Most policies are intricate and difficult to understand. They are modular in nature and offer numerous combinations of benefits. For example, receipt of the benefit can begin immediately upon qualification or it can be postponed for a period of time, which will decrease the premium. Also, the benefit can be for relatively short periods of time or it can be much longer (even lifetime), in which case the premium will be more expensive.

But, this is just the basic foundation of the benefit structure. You can select a policy that pays only for nursing home care or you can also include day care centers, assisted living facilities, or care provided in the privacy of your own home.

You can pay extra to guarantee that your benefit will increase each year based on a fixed cost of living adjustment and you can even pay extra to have your premium refunded should no benefit ever be paid to you.

It is easy to become confused when trying to decide what to buy. Too many components from which to choose make it hard for of most seniors to commit to the purchase of a long term care policy. What’s more, there is a common tendency on the part of the prospective buyer to try and purchase a policy that will cover 100 percent of the costs associated with care giving.

For example, if the average cost of nursing home care in your vicinity is $8,000 per month and you can’t afford the premium for a policy that provides $8,000, then you might use this as an excuse to not secure any benefit at all. You would be smarter to buy what you can afford and integrate other assets in your long term care planning.

It’s apparent that as a nation we are living longer. And, the longer we live, the more apt we are to need some assistance in our old age. Long term care is provided for a multitude of age related disabilities… not just senility and Alzheimer’s.

Planning for its eventuality makes a great deal of sense. This doesn’t automatically mean you must buy an insurance policy, but it does imply you should take time to consider the consequences that might be placed upon you and your family should you become a victim.

And, contrary to what many people believe, Medicare and private health insurance programs do not pay for the majority of long term care services that most people need… such as help with dressing or using the bathroom independently.