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A long term care insurance covers costs associated when you become unable to take care of yourself due to disability or prolonged illness. It covers the costs associated with having someone take care of you in a your own home, a private facility or a nursing home. Remember though that long term care insurance policies differ from one another, and may cover one type of LTC care, but not another.

Why do you need long term care insurance? Perhaps LTC is not the foremost insurance you will need. However, it ensures that you do not lose your precious assets should you become stricken with prolonged illness. Many people in Missouri find themselves spending out their precious assets and investment to pay for very expensive long term care needs. LTC is estimated to cost anywhere between $40,000 to $50,000 a year if you stay in a nursing home. In 20 or 30 years time, this figure will surely multiply.

Long term care insurance is usually not provided in your health insurance policy. Health insurance usually pays for prolonged hospital or medical care but only for a short period, usually not lasting 6 months. Medicare, for example, can only pay for short-term stays. It initially requires you a 3-day hospital stay before being transferred to a nursing home. It is limited to 100 days of care per benefit period, and a stay in a nursing facility is only limited to 31 days per benefit period. On the other hand, Medicaid can only cover you if you are already qualified for government assistance - once you have spent down your assets for long term care.

The main question is whether or not you really need long term care. No one can ever tell, but this decision is something that only you can make. If you can afford to pay the premiums and if you think there is a good chance that you will need long term care in the future, then investing on a LTC insurance can protect you from additional burdens in the future.

The State of Missouri has recently launched its Long Term Care Partnership program. This is a public-private venture which has been specially designed to encourage citizens of Missuori to take control of their future long term care needs. The state has considered the increase in long term care needs, the growth of which has meant significant increases in LTC insurance premiums. This program uses the dollar for dollar model. Simply put, a dollar paid out by your insurance policy in benefits is equivalent to a dollar of your personal assets protected if you apply for Medicaid. Thus, policy holders with Medicaid can maintain their assets aside from being insured of long term care.