Have you ever asked yourself about long term care insurance? Perhaps you have heard or thought about the term. However, you do not completely understand what it is and how it could fill a significant need in your life.
Long term care insurance is an essential consideration for your future. It guarantees your well-being and protects your assets. You can count on it when you need help with daily activities and supervision for cognitive impairment or sicknesses. Despite the benefits people get from the coverage, most people have very little knowledge of how this protection functions and how it affects them. Arrangements for and the cost to manage future needs is something everyone should consider. Long term care insurance is a particularly appreciated protection.
Plan for the fun of retirement but prepare for surprises
We work hard and hope to save our hard-earned income throughout life so we enjoy a comfortable retirement lifestyle. However, many unforeseen events arise and strike our families without warning. If you or your spouse requires a move to a long term medical care facility, your situation changes immediately.
Protect your assets with long term care insurance
The money you saved will disappear quickly. In fact, a move like this could potentially wipe out everything you planned to leave for your family. To be fully protected against this kind of unexpected financial hardship, you can purchase long term care insurance.
Therefore, the point is that it is better to get insured and eliminate the potential for financial losses.
The optimal time of life to purchase long term care insurance
The most important consideration when applying for long term care insurance is the age of the applicant. The younger the applicant, the lower the premium amount. As a result, the earlier you apply, the less you pay to secure your future. I say future for a very important reason.
Some people think they will have be paying premiums for a longer period of time if they purchase insurance early in their life. But keep in mind that the need for long term care insurance is not necessarily for use in only old age. Accidents and injuries happen at all stages of life and long term care insurance is not age-specific.
Insurance comes in handy at any time during life. And everyone should remember that insurance is one thing that we cannot purchase when we require it the most. Insurance is security for the future. It is best to buy long term care insurance when you are young and in a good health.
Long term care insurance coverage options
Long term care policies have many options for coverage. Policies commonly offer care for:
- A skilled nursing facility,
- An intermediate care facility, and
- A custodial care facility.
Other care options
Some insurers will offer additional optional coverages including home health care. This option would consist of home convalescent care and residential care. Home convalescent care is health care that is provided in the insured’s home. The insured’s physician sets a recovery program that must be followed by the patient. Residential care provides living accommodations within a long term care facility but tends to be much more expensive. Other optional coverages include hospice care, adult day care, and respite care.
Premium considerations
Because of the extensive benefits and coverage long term care insurance provides, steep price tags are associated with policies. However, you can reduce premiums by increasing the elimination period and benefit period. Most benefit periods hover between two and five years, but policies are also written for the life of the insured. Obviously, lifetime benefits result in a higher monthly premium. The length of the benefit period is chosen based on your comfort level and your budget.
The cost of getting long term care insurance
As costs of medical care continue to increase, having a long term care policy becomes more important. If you have a valuable collection of assets to protect, you should consider a long term care policy. The policy will safeguard your estate. It would be a shame to gamble away your savings accumulated throughout your life by not being insured with long term care.
In addition, what happens when your assets run out? Will you, or your loved one, have the resources to get the health care needed?
Long term care insurance really is more than just optional insurance. Consider is as important as your regular health insurance. Long-term care insurance is an excellent way for an individual to plan ahead.
No one knows what the future holds. Good planning ensures a good quality of life when it comes to long term care needs. Contact me to learn more and get the answers you need to make an informed decision for your future.
Larry