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Most people do not give long term care insurance that much thought, thinking that the chances of being unable to take care of themselves is far from likely. Even so, many people have failed to consider the need for long term care and ended up spending out their assets to pay for their long term care needs. In Indiana, the average cost of staying in a nursing home is $120 per day or about $45,000 a year. Considering how nursing home care increases by 5% to 6% a year, nursing home care will amount to $300 a day in 20 years.

Statistics has it that one out of two women, and one out of three men who live beyond 60 will need to spend their time in a nursing home. Should you have prolonged illness or become disable in twenty years, can you imagine how things will be if you do not properly plan ahead.

Fortunately, long term care insurance are not more accessible. They protect you from the high costs of long term care. The Indiana Long Term Care Program provides even better terms and programs. This includes partnership program between the Indiana State government and private insurance providers. Partnership policies provide individuals with better terms which allow you to protect your assets. The amount of asset you can protect will depend on the amount of benefit included in your LTC policy. In order to protect all your assets, you will need to purchase the State-set dollar amount of the policy benefits. Note though that only your assets can be provided with this partnership. Should you need long term care that is beyond policy's maximum limit, the Indiana Medicaid assistance can offer help. The Medicaid program serves as a good safety net. With your asset still protected through the Partnership policy, you do not only protect yourself but your family as well from financial burdens caused by your condition.

Remember also that long term care insurance policies are qualified to receive special tax treatment. As long as your LTC policy adheres to the regulations imposed by the National Association of Insurance Commissioners, you can enjoy tax deductibility of your insurance premiums. If you are considering long term care insurance, it is best that you consult with an insurance professional. LTC insurance is relatively complicated, and deciding on a policy coverage will need more attention.