Why You Should Get Long Term Care Insurance

by Jeff Rose on September 15, 2016 · 1 comment

need long term careInsurance is by no means cheap.  Since insurance tends to be pricey, most people avoid buying insurance at all costs.

Unfortunately, lack of insurance tends to land people in the same rut. For example, if an uninsured person suddenly has hefty medical expenses to pay, the lack of insurance becomes a burden.

On one hand, insurance is expensive, but on the other hand, medical bills cost more. Most people hang on to the belief that they will not need insurance, therefore never bother to get any.

Few People Buy Long Term Care Insurance

That is why the rates of people who buy long term care insurance are fairly low. Long term care insurance does have high premiums, but that is mainly because so few people are buying it. While it was a popular insurance option at one point, the popularity has drastically decreased, but that doesn’t mean you should overlook the benefits that it could give you.  Long term care insurance ultimately benefits the individual in the long run, giving them faster access to care without having to rely on the government. If you want full control over the care you receive and when you receive it, get long term care insurance.

Older people tend to rely on the government to provide for care. This results in them basically giving up control of their own assets, since in order to qualify for Medicaid one’s assets having to be nearly depleted. Not only that, but relying on the government for long-term care is also slower and you have much less control on the type of care and where you receive it. There are several hoops that you have to jump through. All of this can add additional stress to an already stressful situation. Getting long term care insurance prevents this situation. Though the premiums may be high, with the insurance senior citizens will not have to rely on their family or the government for care in the future. Having long term care insurance gives individuals care over their own assets and assures that they will be provided quality care promptly in the future, instead of ending up in a government funded nursing home in the future.

Other Benefits of LTC Insurance

Another benefit of long-term care insurance is control over assets and care received in the future. With long term care insurance, you have the option of custodial care as well as nursing home care if it is needed. In addition, if nursing home care is needed, the individual will have choice over the nursing home instead of having the government choose. In addition, you can continue their standard of living without having to lower it. With long term care insurance, you can have complete control over your assets and preserve that for your children to inherit.

While long-term care insurance may be costly in the present, the benefits in the future far outweigh the costs. Why settle for having to depend on Medicare in the future? Why rely on family members or the government to take care of you? If you buy the insurance while your health is still intact, the premiums will be lower.

Also, you will not have to purposely deplete your assets just to qualify for state funded care. In old age, independence is something you should want to preserve. Getting long term care insurance gives you the choice over the care you receive in the future and how you receive it. There are plenty of tools to help you choose the right kind of insurance. Don’t burden family members with having to pay for your care, and don’t settle for government funded care. If you care to have control over the choices you make in the future, then you should get long term care insurance.

Every year we hear countless stories about families that had their savings drained because of the massive cost of long-term care. Don’t let you and your family become another one of these stories. Long-term care insurance can protect your savings account and keep you from becoming a financial burden to your family. Sure, there is a chance that you’ll never need long term care and you won’t see any benefit to the premiums, but can you afford not to have the insurance policy?

There are several questions that you should ask before you purchase a long-term care insurance policy. The first thing to ask is, “at what point does this insurance policy kick in?” because each plan is different, they all have different points that they start paying for care. Most of them are once you’ve been disabled for 90 days, but you should ask the insurance agent before you sign a policy.

You should also ask how much coverage the policy will give you and how many years of care will they pay for. It’s vital that you understand exactly what you will get from the policy. Make sure that the policy you’re getting is giving you the coverage that you and your family want. You never know what type of long-term care you’ll need, but you want to make sure the insurance policy will cover whatever is thrown your way.

Getting the Lowest Long Term Care Insurance Rates

It’s important that you get the most coverage at an affordable rate. When you’re looking for long term care insurance, there are a few things that you should know to get the lowest rates possible.

The first thing that you should know is it helps to buy now! Don’t wait any longer, the younger you are when you buy it, the less expensive it’s going to be, but there is a such thing as too young. The younger that you are, the less chance there is that you’ll need the insurance coverage soon, but waiting can also hurt you. You never know what’s going to happen in the future, but you can protect yourself against the worst. Most insurance agents suggest getting long-term care insurance when you are in or around your 50s. This is normally a balance between affordable rates and not paying for coverage that you don’t need.

The other best way to get lower rates is to shop around with different insurance companies before you choose one of them. Each company is different and have different rating systems and premiums. Two companies that offer the exact policy will give you two drastically different premiums. This is why it’s important to get quotes from several different companies before you choose one.

If you have any questions about long-term care insurance or life insurance, contact us today and we can answer those questions. It’s vital that you get the insurance coverage that you and your loved ones deserve.

 

{ 1 comment… read it below or add one }

Joyce August 16, 2012 at 8:51 pm

Most people overestimate the cost of a good long-term care policy. A healthy, married couple in their mid-fifties, can share a policy that starts off with over a half million in benefits for about $100 per month per spouse.

There’s a new type of government-approved long-term care policy that can protect your assets from Medicaid even if the policy runs out of benefits.

Here’s an explanation of how these policies work:

http://bit.ly/How-Partnership-Policies-Protect-Assets

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