Should You Acquire Nursing Home Insurance At A Young Age?
There is a popular misconception about nursing home insurance plans
. Some may believe that it is only for older men and women and that young adults shouldn't worry about buying this important coverage.
There are several advantages to applying for long term care insurance at an early age. You may need to be in a long term care facility long before you reach normal retirement age. You may develop a health condition later in life that will keep you from buying a long term care insurance policy if you wait too long. You be able to lock in a lower cost if you purchase a long term care policy at a younger age.
Planning ahead and buying a long term care policy can mean that not only are you prepared for your golden years, you are better protected today. Nursing home care is needed by people of all ages who are unable to live in in your home due to a sickness or injury that causes disability.
Although it is true that one is more likely to need LTC or long term care insurance the older one gets. Not everyone in a custodial care nursing home is elderly. Eighty-eight percent of the people in a nursing home are over age 65. This means that twelve percent of nursing home residents are not of retirement age.
Other types of policies will not cover a nursing home stay or won't cover it well. Medical insurance and disability insurance coverage can provide some coverage, but the coverage can be quite limited.
A health insurance policy may cover you well in the hospital and the doctor's office. However your policy probably only covers the expenses of the first one hundred days in a skilled care nursing home. Most nursing home residents are in custodial care facilities or intermediate care facilities.
A disability income policy may pay a percentage of your lost wages if you are in a nursing home. Even if this does provide you with enough money to cover the cost of your stay in a nursing home, you will have less income left over to cover your mortgage or any other expenses that you may have.
Nursing home insurance requires applicants to be medically underwritten. This means that if you have a medical condition you may not qualify or you may be charged a higher monthly premium. This means that if you are healthy today, you may qualify for a low cost nursing home insurance policy. However, since you cannot guarantee that you will just as healthy a year from now procrastination can mean that you will be unable to own this important protection.
The prices for nursing home insurance coverage tend to be based on the age you purchased your policy. This means that you can pay the monthly premium only forty-year-old applicants qualify for when you are in your sixties and seventies. This can mean a huge cost savings when your income is more limited.
If you add an inflation rider to your coverage, you may only not even need to supplement your coverage as you get older. An inflation rider is recommended for any nursing home insurance purchase.
Buying nursing home insurance at as at an earlier age has significant advantages. You get coverage right away. You are more likely to qualify and get approved for a lower cost LTC policy. You may also be able to lock in much lower price than you would if you waited a few years.
by: Alston Balkcom
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