Merritt Personal Lines Manual: Are There Other Options?

What if you are not wealthy, you don't want to depend on friends or family to take care of you and you don't want to spend down your assets so Medicaid will cover the costs of a nursing home? There is another option: purchasing long-term care insurance.

In a sense, owning LTC insurance enables you to maintain your independence, even when you need help with the activities of daily living. Long-term care insurance will pay you a benefit to cover the costs of a nursing home or the costs of in-home care. LTC insurance also enables you to select a nursing home that suits your needs and desires - rather than just your budget.

Of course, the government has no intention (and does not have the resources) to pay for the long-term care of people who can afford it themselves.