Based on differences with regards to people's personalities and financial capabilities, determining the cost benefits of purchasing long term care insurance is dependent on various factors. Research suggests that weighing the pros and cons of this type of insurance is crucial for an individual to make a conclusive decision based on their capacity and preferences ( Österle, 2017) . A significant benefit of this form of insurance is the providence of costs to cover nursing home expenses and charges as well as those related to assisted living and in house care which fail to be facilitated by Medicare. Evaluating the long term care market history is thus key to determining its cost benefits.
According to scholars, such insurance covers have prevalently faced challenges with regards to premium spikes, and insurer loses even though an individual may not require long term care later ( Österle, 2017). Nevertheless, the recent emergence of improved policies ensures that money is returned to the concerned individuals' families in cases where they fail to need long term care. Moreover, this form of insurance covers assets on the basis that one fails to withdraw money from their assets to pay for similar services ( Baldwin, 2015) .
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Withdrawing funds from assets accrue taxes from such avenues as capital gains tax and hence the use of long term care insurance which provides benefits that are income tax-free. Furthermore, there are specific considerations for couples as they are offered plans at discounted prices while insurance coverage of a sole individual has proven to be expensive. Insurance companies refer to this form of consideration as a "Shared Care," which then entails two separate plans that consider each spouse as dependent on the other.
References
Baldwin, S. (2015). The costs of caring: Families with disabled children . Routledge.
Österle, A. (2017). Equity choices and long-term care policies in Europe: Allocating resources and burdens in Austria, Italy, the Netherlands, and the United Kingdom . Routledge.
