Planning one’s long term care entails gathering long term care insurance resources from different insurance companies. Doing this will allow you to weigh your options and you will realize that despite marketing the same products, each of these companies have some uniqueness to boast.
As a planner myself, I know the importance of owning a long term care insurance (LTCI) policy because I had the privilege of comparing the lives of individuals who have this type of insurance product with those who do not have it.
At 35, I can already say that growing old without LTCI is gradual suicide. This is not morbidity because there are statistics to prove it true. People who braved the cost of care without a good plan to back up their finances ended up impoverished and dependent on Medicaid.
Now Medicaid is a good thing only if it serves as an appendage to your principal long term care (LTC) plan. If you’re going to rely on it solely for your LTC expenses, do not expect too much from it as the quality of care that you will receive from this federal health insurance program is going to be dependent on its available funds.
If you’ve been keeping abreast of the latest issues in the LTC industry, perhaps you already know that Medicaid is restructuring its eligibility system. In other words, it’s not a good option for LTC at this time.
Instead of aiming at Medicaid and other federal health insurance programs for your LTC needs, you’ll be better off with a comprehensive LTCI policy as this won’t confine you to a single LTC setting.
It’s important to note though that if you buy your LTCI policy a few years before you turn 65 you’re bound to shell our more money for your annual premium. Young buyers have the privilege to enjoy very low annual premiums which probably range from $400 to $600. I have yet to find out about the rate of my premium since I’m still in the process of shopping for a good rider.
See that’s another advantage of purchasing an LTCI policy early on in your life. You get to integrate a rider which will benefit you later in the future.
People who wait till they’re old and starting to manifest symptoms of a serious health condition before applying for an LTCI policy are more likely to be declined; or if approved they are at risk of paying very high annual premiums.
During one’s youth and heyday he should start looking into the different LTCI options that are laid out before him. You can contact an LTCI representative who is affiliated with renowned insurance companies that market LTCI, as he is capable of clinching the best deal for you.
If you’re after more long term care insurance resources take a glimpse of the life of someone with LTCI. Upon qualifying for LTC, he barely forked out money from his nest egg and yet manages to receive topnotch care. Meanwhile, an uninsured individual who has practically spent all of his money on LTC services remains unsatisfied not to mention miserable.