Over the past few years, there have been a lot of horror stories about older individuals who had their life savings drained by having a stay in a nursing home or an assisted living care home. A lot of people have tried to avoid these kinds of issues by purchasing long term care insurance. However, many of the recent stories on the unstable state of the long term care insurance industry has people questioning whether the policies are a good idea for their parents.

When it first came out, private long term care insurance was considered to be an affordable protection from the financial issues that accompany even short term stays at nursing homes. It worked well, but it only worked for some people who were able to keep up with their payments. Critics have complained that the coverage has proven expensive for the types of benefits that it provides, which return only 68 cents for every $1 that has been paid in premiums for buyers around the age of 65.

Despite the fact that there are problems with the long term care industry, almost a quarter of a million new policies are being issued each year. There are some providers which have tried to slow this down a bit by requiring blood tests and medical screenings to help halt the sale of policies. A few providers have started charging women more money than men because they tend to live longer and require more care. However, even these efforts haven’t kept the demographics for pursuing coverage. There’s no denying that long term care insurance is becoming a necessity for everyone.

There are some that question whether long term care insurance is safe for their parents. They don’t want to risk the chance that their parents are going to pay into a policy and then find out that they’ve lost all of their savings, the policy didn’t provide enough help, or other problems occurred when their parent needed help the most. There are a lot of people who feel that long term care insurance is becoming a sinking ship, so they feel uncomfortable with the idea that their parents pay into a policy that might not even be able to support them in the future.

The reality of everything is that although the industry is struggling, long term care insurance provides some of the most important coverage that the elderly need. Without that long term care insurance policy, those same individuals would be struggling to figure out how they are going to be able to cover the costs of the care for their parents. Although long term care insurance may not be able to cover all of the costs, it helps significantly and makes it easier for family members to be able to create ways that they can care for their loved ones in their senior stages. In this regard, long term care may still be the safest and most reliable option for seniors.