Shopping For Long Term Care Insurance
As your 50th birthday is drawing closer, you might probably be thinking of the day
you will stay on that chair near the window as you wait for the caregiver to come around and change your diapers. Every adult is worried on how their senior life will turn out, but one thing is certain: 70 percent of these adults will need long term care at some point in the future, particularly if they are incapacitated and lost any loved ones to help them with the activities.Purchasing long term care insurance is a good way prepare emotionally and financially for your retirement. However, shopping for a good policy is challenging and complicated but, with proper planning, it is rewarding in the long run. There are few questions before buying LTCi:
Is there a right age for buying this policy?
Most people buy policies between ages 55 and 64. The catch of most insurance companies is younger policyholders would avail less expensive premiums since the price increases as they age and as their health deteriorates. However, people who buy at very early age can make the costliest mistake because premiums increase and it may not cover other services that could come up later on.
What should I focus on in finding the right policy?
There are various features and terms that make it cumbersome for consumers to choose which policy suits them best. It is important to read the coverage and the definitions if they match with your needs. If there are things that arent clear, always ask the insurance agent or your financial adviser to explain everything that is covered in your policy. Dont act as if you know everything.
Are there government health care programs that help people pay long term care?
Traditionally, Medicare and Medicaid are health care programs that help low-income Americans, but the two do not necessarily pay the long term care expenses. If you want to avail Medicaid benefits, you will be forced to meet the required asset threshold, and be prepared you will only receive limited services that you should have enjoyed if you had purchased private LTCi.
Recently, the government passed the Community Living Assistance Services and Support Act, known as the CLASS Act, which aims to reconstruct the wrong framework of Medicaid and help working Americans save for their long term care needs. The creation of this program is expected to bolster participation between the government and its people. The exact benefit amount and premium are not certain yet, but people can expect much affordable price than private LTCi.
Is it worth it?
Other types of insurance such as health and life insurance do not cover long term care services and, most of all, both Medicare and Medicaid wont pay the overall costs. If you want to preserve your assets for your family, then LTCi is worth it. All you need to do is plan and shop around before buying a policy.
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