The following snippet from the Time article titled Preparing for Long-Term Care: Any Good Options? is a true eye opener for many Americans, in particular baby boomers. Everyone fears the possibility that they might not be compensated in a fair way for the insurance premiums they have been faithfully paying for many years.
Many elderly Americans have erroneously assumed that their Long Term Care insurance coverage will commence the instant they want to move in an assisted living facility ONLY to have their claim or request for coverage rejected!
There have been horror stories of people paying premiums on long-term-care insurance policies for years, only to find the benefits won’t cover their needs 20 or 30 years down the road when health care and long-term-care costs are significantly higher.