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Getting long term care insurance may just be a decision that will create the most significant impact in your long term financial security. These days, long term insurance premiums have increased due to their increasing importance. If you wonder whether long term care insurance is right for you, just follow one rule of thumb: if you can not afford to pay the premiums, don't get one.

However, if you can afford to and you can see the big possibility that you need long term care, then getting one will be a good decision. Long term care is very expensive. In Minnesota, average nursing homes charge $134 per day or no less than $50,000 a year. Imagine what these figures will be in 20 years time.

In your long term care insurance, your policy provides an elimination period, which is the initial length of time by which you receive care before the company starts to pay your benefits. From thereon, you will receive daily benefit until you reach your maximum benefit length or your maximum dollar benefit. Your policy should also cover inflation, usually 5% per year. The amount you pay for your premiums will largely depend on these factors, along with the type of coverage you need (home care, nursing home, assisted living, or a combination).

The state of Minnesota exercise control over long term care insurance providers. All policies sold in the state must provide for the following consumer protections:

• All policies covering nursing home care must provide for all levels of care, along with custodial care
• All policies must cover Alzheimer's disease
• Policies must not require prior hospitalization in order to obtain nursing home benefits
• Policies must protect consumers from rate increases
• All policies must be guaranteed renewable, meaning that once your application is accepted, they can not refuse you benefits unless you stop paying your premiums.