Long term care insurance is purchased to provide coverage for the costs associated with long term care services, which are not typically covered by health insurance, Medicare, or Medicaid. The main reasons people buy long term care insurance include: 1. Financial Protection: Long term care services can be extremely expensive, and having insurance coverage can help protect one's savings and assets from being depleted by these costs. 2. Independence: Long term care insurance can provide individuals with the ability to choose where and how they receive care, allowing them to maintain independence and control over their living situation. 3. Family Support: By having long term care insurance, individuals can alleviate the financial and emotional burden on their family members who may otherwise have to provide or pay for their care. 4. Peace of Mind: Knowing that long term care services are covered by insurance can provide peace of mind and reduce the stress associated with planning for potential future care needs. 5. Asset Preservation: Long term care insurance can help protect assets and inheritance for loved ones by covering the costs of care, rather than depleting savings or selling assets. 6. Access to Quality Care: Having long term care insurance can provide access to a wider range of care options and facilities, including high-quality care providers and services. 7. Avoiding Reliance on Government Programs: Long term care insurance can help individuals avoid relying solely on government programs like Medicaid, which may have limitations on the types of care and facilities covered. 8. Tax Benefits: In some cases, long term care insurance premiums may be tax-deductible, providing potential tax benefits for policyholders. Overall, purchasing long term care insurance is a proactive financial planning decision that can offer security, flexibility, and peace of mind for individuals and their families.