Requesting for Long Term Care Insurance Quotes
Requesting for Long Term Care Insurance Quotes
People would spend even their last dollar to insure their car, homes, and properties, yet overlook the need for long term care insurance. Some people would prefer to swindle large money on plastic surgery or an over expensive cruise to the Bahamas rather than save that money for retirement. Most people become really upset and forget the urgency of insuring their health during retirement once they find out the rates of long term care in their state. However, it is important to request for long term care insurance quotes to prepare for the costs associated with this care.
If people can insure their whims, why can't they insure long term care? What's preventing them from planning their care even though the risks are obviously high? Is it just the price of LTC insurance that puts so much stress on their part?
So how much long term care costs these days? In 2009, MetLife conducted a survey on the costs of care in the country. Nursing home care had the highest annual rate of $79,935 or $219 daily rate. While the average stay in nursing homes is two and a half years, a person will need large chunk of cash to pay for the care. Even if you have enough retirement savings, it doesn't assure this money would go a long way because only a month in nursing home can already deplete your savings. Medicaid will do its part only after you have spent down your assets, but isn't that troubling?
In the same year, MetLife found out the long term care coverage of a 52-year-old was $1,524 a year or $200 daily benefits paid for three years. Yes, the LTCi premiums could be expensive, but isn't paying for all those costs on your own much expensive? Don't be bold enough to say you won't ever need this as well as your spouse or loved one does. You need to anticipate all the unexpected events to happen such as entering a nursing home in the future to keep yourself prepared of the trials that may put yourself and your family in peril. It's not easy to accept this sad reality, but as technology becomes more advanced and long term care demand becomes extremely staggering, you are more likely to jeopardize your health and savings if you don't plan ahead.
The long term care insurance coverage is affected by four factors and can be reflected among LTCI quotes:
1. Daily benefit amount refers to the maximum amount the policy will pay for your care on a daily basis. You may choose the amount from minimum of $50 to $500. Higher benefit amount can make your premiums more expensive.
2. Benefit Period as the name suggests, it is the length of time the policy will pay for the benefits.
3. Elimination Period - refers to the waiting period. This is the period when the individual will pay on his own before the insurer kicks in/
4. Inflation protection this is the most important rider that increases the benefits to keep pace with inflation
Requesting an LTCi quote allows you to compare policies and premiums from one company to another. You may always request a quote from your potential company or through other resources to find valuable information on the policy, and see if it is the right one for you. Life insurance IPO a distant vision Living in London? You need health insurance! Different Types of Life Insurance Policies Life insurance & economic development: The growth nexus The Secret to Unleashing The Infinite, Creative, and Limitless Power of Spirit In Your Life Best Ways to Sell Life Insurance Policy Getting Licensed To Sell Life Insurance Policy How to Sell Life insurance Policy Successfully? The Natural Flow of Life… and Death How Important is Long Term Care Insurance for Retirement? Comparing Various Long Term Care Insurance Policies Note The Life Insurance Quotes Online In A Few Seconds Instant Term Life Insurance Quotes Will Save Lot Of Your Time