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Why Insure for Future Care?
Why Insure for Future Care?
Have you ever experienced caring for an old and frail spouse, parent, sibling, or loved one? If yes, you are surely aware of the problems associated to caring for the elderly, more particularly if financial security is under threat from catastrophic costs of long term care.
Medical costs in the United States have risen at very fast rate since 2000. Currently, nursing homes (private rooms) averaged to $ 90,000 in 2010 based on MetLife report, and this cost will continuously increase together with inflation. This is a looming issue for millions of American families who are pressured to send their loved ones in decent long term care facilities yet burdened with the costs of care. Most families prefer home care to reduce the expenses significantly, but, oftentimes, they feel this responsibility becomes a conflict to their personal obligations. Otherwise, people cannot simply turn to Medicaid for help because they are forced to spend down their assets in exchange for Medicaid benefits.
Long term care insurance is the most reliable and guaranteed protection for seniors and for those with chronic illnesses or disabilities. Nevertheless, this has not gained enough popularity and appreciation from the public because of the high premiums involved and the obscure language used in the policies.
Basic LTCi policies provide:
1. Daily benefits The amount of benefits on a daily basis, starts from as low as $50 to $500 a day. It depends on how much you need to cover your care.
2. Elimination Period Also referred to as "waiting period." This lowers your premiums if you buy longer waiting period. The period starts from zero, 30, 90, 190, and 360 days. Always assess if you can shoulder the out-of-pocket expenses within that time frame. If you can't purchase a minimum of 30 90 days to keep the premiums a bit low.
3. Benefit period this refers to the period the company will pay for the benefits. Since the average stay in nursing home is three to five years, you may also buy coverage for at least three years. If you have chronic illness or cognitive disorder, you may need coverage for at least five years.
LTCi policies can be added with extra features or riders to ensure protection. The inflation protection is the most important rider you should purchase to increase your benefits but level it up with your premiums. A rider covering home health care is also crucial to provide you or your loved one assistance with daily activities at home.
And, yes, LTCi is expensive, but there are ways to cut your premiums. First, shop around for various insurance companies in your area or state, and then ask for long term care insurance quotes from different providers. Next, consider buying LTCi in your early 50s to cut considerable premiums, because the younger you buy, the lower the premium becomes. Don't wait too long to insure your health because health problems manifest when you are older. Third, buying group plan is more affordable than individual plans, but group plans have reduced benefits Wholesome Life Colors and their particular Symbol Buying Investment Property And Term Life Insurance Quality Care At Auto Body Shops In Minneapolis Life Insurance Quotes Can Help You Get the Best Life Insurance Policy What should you disclose to your life insurance company? Make Your Career in Automotive Industry Four Areas of Concern For Long-Term Care Insurance in South Hill Gays and Lesbian Life Insurance Gastritis And Your Daily Life urdu Hot Times In The Hague. The Life And Turbulent Times Of Juliana, Queen Of The Netherlands Tips to Get the Cheapest and Best Life Insurance Can I Find a Family Life Insurance Policy? Read About it Family Life Insurance Plans Information