Four key reasons to buy long-term care insurance
1. Preserve your assets for your family instead of spending the money on long-term care.
2. The odds are one-in-three that a man over 65 will need long-term care; for a woman over 65, the odds are one in two.
3. New rules make it hard to qualify for Medicaid.
4. Premiums may be partially tax-deductible
1. Restoration of benefits. This feature ensures that maximum benefits are put back in place if you receive benefits for a time, then recover, and go for a specified period (typically six months) without benefits.
2. Nonforfeiture benefits return a portion of premiums or keep a lesser amount of insurance in force if you let the policy lapse. This provision, required by some states, adds to the cost of the policy.