How Important is Long Term Care Insurance for Retirement?
How Important is Long Term Care Insurance for Retirement
?
Although many people neglect the need for long term care insurance, they must be aware of the benefits it provide, considering the sky-rocketing costs of care throughout the United States and the absence of reliable public health care program for the elderly. Long term care insurance benefits can be paid for numerous services from home care to assisted living which individuals find difficult to pay through outof-pocket. It ensures more than just financial preparedness; it guarantees your complacency to having remarkable golden years amidst the loss of your physical or mental vigor.
The common age to buying LTCi is between 50s and 60s. The premiums are a lot expensive when purchased at later years of 70 or older because individuals become more susceptible to serious ailments and cognitive disorders. It is recommended to buy LTCi in your 40s or 50s to guarantee your health is insurable and save on premiums.
Some people are indifferent in insuring their health because they believe they won't need it in the future. This is a risky assumption, though. Those people with good health today should also look at the possibility of acquiring unwanted illnesses in the future that may prompt them from needing one of long term care services. The U.S Department of Health and Human Services reported that the projected population of Americans with long term care needs is 12 million in 2020.
Statistics is more of a warning to everyone, but the real reason behind purchasing long term care insurance is often blamed to the alarming long term care costsin the country. Although there are some slight differences in the costs provided by Genworth and MetLife, it's obvious that long term care can give a full blow on your savings.
Moreover, private health and life insurance do not cover long term care, and so Medicaid and Medicare are not dependable as well. If you think Medicaid will pay for your care, you are completely wrong you'll be required exhaust your assets until it has reached the asset limit. On the other hand, Medicare can only pay for "short" term services. Long term care insurance helps you pay for all those expensive skilled care and medical services in a chosen setting either at home or in a facility which could take two or more years. If you plan to self-insure, make sure your earnings are more than average earners get because you will surely exhaust large fraction of your savings.
There are various types of long term care insurance, but they use similar scheme as of ordinary insurance such as health and life. Policy holders will pay for the premiums based on the coverage purchased, and then the insurers remunerate the costs on LTC services. Medical underwriting is also imposed to help companies select only the qualified individuals. If you are planning to buy LTCi, you must compare policies first from different insurance companies and then inquire about the eligibility requirements. Some policy features and riders are really confusing so have an extensive assessment and research to know what those terms mean and their corresponding benefits.
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