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Benefits and risks of long-term care insurance

As Michigan residents grow older, they need to consider a variety of things so they and their family are protected. This includes writing a will, deciding if a trust is beneficial and naming beneficiaries and guardians. 

Another consideration is long-term care insurance. According to AARP, this helps pay for a number of services and care in the event an illness or injury calls for daily assistance for a long period of time. While there are some benefits to this coverage, it is not necessarily for everyone.


One of the main reasons people choose this type of insurance is it is not covered by regular health insurance, and Medicare only covers a limited amount of care. The care can wipe out your savings and other assets in a short amount of time, and the insurance can save you a lot of money if you need it for an extended time. Depending on the specific policy, some of the care and services that may be covered include:

  • Home care such as bathing, dressing and housework
  • Assisted living
  • Nursing home care
  • Home modification
  • Care coordination

There may also be tax benefits to this insurance. Depending on your situation, you may be able to deduct your premiums, and the benefits paid out are not taxable.


According to FindLaw, long-term care insurance may not be the best investment.  To start with, it is expensive, especially for those in poor health. It also has limits, and insurees may find that not all of their needs are covered. People should also be aware that long-term stays in care facilities are not that common, so the insurance may not be needed or used enough to justify the cost. It is always a good idea to speak with a professional to determine if long-term care insurance is worth spending the money on before you sign up for coverage.


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