Most people overlook the importance of insuring their health, unless a debilitating sickness strikes and ruins their finances. You might not be concerned about your health today because there have been many treatments or cure to mitigate serious medical problems and extend one's life. However, did you know that the longer you live, the more likely you become a candidate for long term care? It is common misconception that a person has to endure from failing health before he or she considers long term care insurance.

So the question "who really needs long term care insurance" remains contentious and earns contradiction from people who are against it.

Individuals with more than $200,000 in assets or income they want to keep for their loved ones or heirs should consider LTCi as good protection. Low income individuals normally turn to Medicaid for help when confronted with long term care problems.

Many people would wait until their conditions worsened before they come to think of buying an LTC policy.  It is advised that individuals aged 45 or over should consider LTCI as an option to preserve their lifetime savings from the cruel costs of care. Although the cost of coverage seems less expensive for younger policyholders, it is still complicated to count in the risks in the future.

The perils of long term care carry much burden on women than men. Women, according to studies, trump men in terms of life expectancy. They live longer than what is expected and perform care giving roles that may directly impact their health. It is also no longer surprising to find more women residents than men in nursing homes and assisted living. This gives a clearer picture that women are on the risk of living alone and needing long term care. A woman should consider the family history and vast of information to pick the best long term care policy based on her situation and needs.

How can I choose good insurance policies? Long term care insurance is surely not a "no brainer" kind of insurance coverage because there's huge money involved, and where your health and welfare is at stake.

Long term care insurance is one of the most flexible insurance coverage that could be personalized to meet individual needs or situation. The key to cheaper premiums is to cover only the most important aspect and take some risks in clear-cut manner. Here are some tips to do that:

• Always conduct a research first on the costs of nursing homes in your area to get a better idea on the maximum cost of the daily benefit. Determining the costs of daily benefit is tricky because you can get either higher or lower than what is required.
• Some insurance companies will ask you to purchase longer benefit period because,  in the first place, they will be the one to benefit from it. Experts recommend 60 to 90 days elimination period to keep up the costs of premiums and out-of-pocket expenses.
• The benefit period is the length of time the benefit will pay out for the policyholder.  The normal elimination period is two to three years.