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Long Term Care Health Insurance - Pros and Cons
Long Term Care Health Insurance - Pros and Cons
Have you thought about purchasing long term care insurance (LTCi)?
If you have not thought about it, and especially if you are making some retirement plans, you should consider it or an alternative. The latest statistics tell us that half of us may need long term nursing care at some time in our lives. This care is not cheap, and can cost thousands of dollars every month. A LTCi policy can provide you, and you family, with some peace of mind in the future.
It is free to find out the cost of long term care insurance, so it won't hurt to compare the prices and policies that are on the market in your area. Some policies are even tax qualified, and these means the premium ca be deducted from your taxes now. This may make the price more affordable and attractive.
What alternatives have you considered?
Medicare, the federal health insurance plan for seniors and disabled people, only pays for short termnursing care. You cannot rely on it to pay for long term nursing care.
Your savings could be quickly depleted by a long stay in a nursing care facility, or even by an extended need for at-home nursing cae. It is not unusual to see that these facilities can cost thousands of dollars a month.
Medicaid, the federal health program for the poor, will only kick in after you have depleted most of your assets. You may have to run through a lifetime of savings before you can rely on this program for help.
The biggest problem that most peope have is that the need seems far in the future, and it is something they may not need at all. Of course, we all do pay for auto insurance and hope we never need to use it. But the thought is something to consider, and that is why there are some alternatives.
Alternatives to Long Term Care Insurance
There are, for example, annuities, with a clause that allows the cash account to be used for severe illness. You could use this as a backup plan in case you need nursing care. If you never need it, you can still have your cash! Another option is a life insurance policy with an option to take some of the death benefit out, even if you are still allive, in the case of a severe illness. These are some other ways to plan for the possibility of needing to pay for nursing care that you should probably consider.
Should You Buy Long Term Care Insurance?
Nobody is telling you that you have to do anything. However, it will be prudent to find out more about LTCi and its alternatives a long time before you need to use it! Cheaper Health Insurance - How To Save your money and Your Health Now Cobra Health Insurance Extension Virginia Health Insurance – Discover ways to save money with Health Savings Accounts (HSA) Affordable Health Insurance in Virginia – Ways to save on your Max Out of Pocket Expense Baskin Robbins USA Co.- Franchise Review Most Affordable Health Insurance, Individual Health Plans, Hsas How To Find Good Health Insurance Sometimes, Deliberating What Does Acid Reflux Experience Like Helps Alleviate Anxiety In The Mind Master Cleanse Secrets Free-This is good to your skin and makes you feel relaxed and look younger Insurers Advised - Regain Trust And Improve Health Insurance For Individuals Inexpensive Health Insurance Health Insurance For the low income - Save Money and look after your health San Diego Acupuncture Treatments To Alleviate Pain