Why You Should Secure Long Term Care Insurance – Financeforhealth.com

Are you still undecided with your long term care plan?  Perhaps some long term care insurance information will help you piece it together.

Long term care insurance (LTCI) is the only insurance product that provides extensive health care coverage for infirm, injured, disabled, and chronically ill individuals.  It should not be compared to regular health insurance, let alone be treated as a duplicate of the latter because the offerings of an LTCI policy goes beyond dental and vision related treatments or other minor medical procedures which are basically the scope of a health insurance policy.

People who buy LTCI policies do not want to be a burden to their families should they wind up requiring long term care (LTC) someday due to an event or condition that would result in their functional limitations or cognitive impairment.

In case you are not aware of the cost of care, a year’s stay in a private nursing home room could cost around $81,030, on average, according to Genworth Financial’s latest cost of care data.  Home and community-based LTC services are not any cheaper.  As a matter of fact, acquiring combined in-home care services will result in a total annual spending of $85,000.

If you are going to seek advice from financial advisers and LTC specialists on hedging devices to beat prohibitive LTC costs, chances are they’ll tell you to secure your LTCI policies early.

 

More Long Term Care Insurance Information

Although an important investment to make, LTCI is not something that you should purchase in haste.  This could result in either bigger out-of-pocket expenses or problems with benefit claims.

To ensure yourself of the right coverage that won’t ruin your finances, the best thing to do is identify your LTC requirements first before shopping for a policy.  As a matter of fact, professionals in the LTCI field strongly advise individuals who are looking into buying LTCI policies to see a licensed doctor first and to undergo a thorough checkup to find out what they are at risk of acquiring or developing healthwise.

Aside from identifying their future health care needs, LTCI policy buyers are also advised to keep themselves informed on the cost of care as this increases each year due to inflation.   One has to understand that the price he will have to pay for an LTCI policy will depend on its components.

A policyholder whose policy stipulates a maximum benefit amount of $500,000, unlimited benefit period, 30-day elimination period, and a 5% annual compound inflation protection will naturally pay more in premium than an insured person whose LTCI contract guarantees a modest benefit amount of $200,000, three-year benefit period, 90-day elimination period, and 5% annual compound inflation protection.

Everybody who wishes to obtain additional long term care insurance information such as benefit packages, types of policies, and factors that affect the price of a potential coverage can get in touch with a licensed LTCI specialist through the Internet, via phone, mail, or he can visit the physical address of the company for which his agent works.

 

Source:

  • http://en.wikipedia.org/wiki/Long-term_care_insurance

 

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