The major drawback to Long TC is the expenses that you have to pay. These can vary by plan, but usually run fairly high. The reasoning is that the coverage you are receiving is expensive to maintain. You are being assisted upon 24 hours a day. This does not come by cheap. When you add up the costs; approximately $80,000 a year would be spent by you, but if you have a LTC Insurance plan then you only pay $2,000 - $3,000 a year in premiums. This does not seem like that bad of a deal anymore.
In essence, long term care insurance is a good option for many Americans, but not all. One of the main objectives of long term care insurance is it is designed to protect assets, so if there are not assets to protect then you shouldn't’t purchase long term care insurance. You must weigh out the pros and cons before jumping into this decision, but more often than not it is a wise choice to get covered. Be aware that in order to be eligible for your claim your doctor must certify that you that you are not able to perform two or more activities of daily living functions for a period of three months or more. These include, but are not limited to: bathing, eating, dressing, continence, transferring and toileting or suffer from a cognitive impairment such as Dementia.
Summary: Learn the benefits of having long term care insurance versus the cons of having this type of insurance plan. The LTC insurance plans work great for most people, but may not apply to all.