Those who have achieved some degree of personal success typically want to convert that success into financial security. Planning carefully for the future involves making good use of acquired resources and identifying likely future expenses. People make moves to protect their assets and to access certain types of benefits.

For those nearing retirement age, the possibility of becoming dependent on others for care is a major concern. Older adults sometimes move into nursing home facilities or hire home health care workers who come to their homes regularly to provide them with practical support. Those services can cost thousands of dollars per month. One of the ways that people cover such expenses is by acquiring long-term care insurance.

How long-term coverage can help

Obviously, the biggest benefit of long-term care insurance coverage is how it provides financial support or medical needs that Medicare does not cover. Especially when people believe they cannot qualify for Medicaid, having an insurance policy that can pay for a room in the nursing home or other forms of long-term support can help people feel comfortable as they approach retirement. Having private long-term care insurance instead of Medicare or Medicaid can also make it easier for people to get a room in a nursing home in a timely manner.

Why doesn’t everyone purchase long-term care insurance

Despite potentially offering benefits that can preserve someone’s finances and ensure their safety and comfort as they age, long-term care insurance isn’t a particularly popular solution. The drawbacks of such insurance include limits to the total amount of coverage provided. People who require money for years of long-term care support might exhaust the benefits available. Additionally, the premiums for long-term care insurance can put a lot of pressure on the budget of older adults. The later in life someone acquires a policy and the more coverage they desire, the more expensive long-term care insurance could be.

Evaluating available long-term care policies and simultaneously looking into other options, like Medicaid planning, can help ensure the best access to resources possible later in life. Addressing the potential need for long-term care later in life can help people control their finances and prepare for a comfortable retirement. Long-term care insurance is one of multiple potential solutions for those worried about long-term care costs as they age.

Written by Marco Chayet – Founder and Managing Partner of Chayet & Danzo, LLC. and Mr. Chayet is also the Public Administrator of the 18th Judicial District, serving as a fiduciary for the counties of Arapahoe, Douglas, Elbert, and Lincoln. He is the past chairman of the Elder Law Section of the Colorado Bar Association and the current Elder Law Section delegate to the Colorado Bar Association Board of Governors. 

Attorney Chayet and his firm are Members of the National ElderCare Matters Alliance, and have a Featured Listing on – America’s National Directory of Elder Care / Senior Care Resources to help families plan for and deal with the Issues of Aging.


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If you have additional questions about your family’s Elder Care / Senior Care Matters, you can count on (America’s National Directory of Elder Care / Senior Care Resources) to help you find local Elder Care / Senior Care Professionals who can help you with your family’s Issues of Aging.  Search our National Database by City and Service Category.  (This Search feature is located on the homepage of

The Elder Care / Senior Care Experts that are found on can provide you with the help you need in a wide range of Elder Care / Senior Care Services, including Elder Law, Estate Planning, Home Health, Assisted Living, Care Management, Daily Money Management, Senior Living, Investment Advisory Services, Tax & Accounting Services, Wills & Trusts, Probate plus many other Elder Care Services.

We look forward to helping you plan for and deal with your family’s Issues of Aging.


PROS AND CONS OF LONG-TERM CARE INSURANCE was last modified: July 12th, 2024 by Marco Chayet