Q. If I have Medicare and Blue Cross/Blue Shield, is there any need to obtain long-term care insurance?
A. There might be a need since Medicare and BC/BS medical insurance provide very limited benefits for long-term custodial care.
Long-term care insurance
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The more important question here is what do you have to protect? If you do have assets (home, money, boat, land, etc), what’s it worth to you? If you and your spouse should need long term care, how important is that you two are together? Also, how important to you that you choose where you receive your long term care?
These are important questions that you have to ask yourself before you search for a policy.
Remember, Medicare DOESN’T pay for long term care. There is this idea that Medicare Advantage or Original Medicare cover a portion of these costs. Medicare states, they don’t pay for Long Term Care.
I hope this gives you a starting point in determining if you should compliment your outstanding insurance coverage with a Long Term Care Policy.