Member Article

Things You Should Know About Long Term Care Insurance

Health is not constant. It keeps on fluctuating. One day you may be all healthy and strong and the other day sick. It is quite easy for us to take, our ability to perform daily activities for granted. But as we age, it changes drastically. And nothing can sabotage the best laid out retirement plans like the unexpected elder care expenses. You may find yourself in deep predicament in case of unforeseen health issues, as you would need an immediate care facility among other requirements. The costs for such demands even have the capacity to blow your mind. This is where Long Term Care Insurance comes into picture.

Long Term Care Insurance is basically unlike any other health insurance which is designed to cover long term supports and services. They are inclusive of personal as well as custodial care in settings such as home, community or any other facility.

How does it Help You

• Mainly, it helps in maintaining the financial independence of an individual from their friends and family. It often eliminates the need to borrow money for long term care costs.
• It preserves the assets and savings for friends and family.
• It allows you to bring the care into your own home which allows you not to downsize. You don’t even need to move to a facility right away.
• It manages your expenses as well as your care in case you suffer an unexpected severe accident which results in you needing substantial assistance from a caregiver or from a family member. The age isn’t of any matter here.
• It expands the range of services for you in terms of home health aides, friendly visitor program and care from visiting nurses along with home delivered services. It also provide chore services and time in adult care.
• It provide your family financial support if you need the care and are going to live with them. It also lessens the burden on the care givers.
• It pays for professional care making it an affordable option while relieving family and friends from caregiving tasks.

Factors to Consider Before actually Buying

If you are interested in buying this Insurance then you need to consider following things:

Investigate - You would want to associate with the company who are in the market for long time and will remain to do so. So, do a proper research regarding the health of the company as you are going to buy a long term care policy.

Best Option - Talk to an expert, a financial advisor to choose the best option for you that can fit into your retirement plans. Understand different options and then determine which one is the right and best for you.

Premiums - The most important thing, if you are not able to pay the premium than do not buy one. As, once you quit paying premium, your policy lapses. People learn it the hard way that on stopping the payments, everything you have paid is lost.

Affordance - If you can’t afford a policy, don’t buy it. Choose another option. The best way to cut the cost on your insurance is to select one that pays out less per day or covers fewer years.

Plans - Do not keep your long term plans a secret. Have an authorized person who can talk on your behalf in advance. You can make the photocopies of the first two pages that are important and give them someone who is going to be responsible.

Apply - If you are not a healthy person, you can’t buy a policy. So, better make it earlier than later on by applying before you develop any health problem.

So, now you have come to know about Long term care insurance and what to consider before buying it. So, buy it now and have your long term health care uncertainties covered.

This was posted in Bdaily's Members' News section by Jennifer Roberts .