Insurances’ Long Term Care Policy, is one of the ONLY ways any person can guarantee themselves, they won’t have to go to a nursing home unless that is their desire!
The insurance industry’s Long Term Care Policy (L.T.C. Policy), is a little sought after product since it’s inception in and about the mid fifties.
The irony of this insurance plan is that when people need it and think to buy it, it is, by then too expensive for the person to afford or the ON LY affordable plans seem to offer little coverage for their money paid.
For the ones of an age that could greatly afford these plans, they seem to not think of them, caused by their youth and good health.
When asked in surveys, a majority of people will confess one of their overridding fears is to reach the end of life and financial circumstances must send them to a nursing home to meet their end. This is mostly a reality, but not necessarily a necessity, due to this ingenius plan, let me explain:
* What is Long Term Care Insurance
* Who Should Buy L.T.C. Insurance, and finally,
* If You Need It, When Is The Best Time To Purchase it?
What is Long Term Care Insurance?
Primarily, your coverage is made up of two parts, the amount of TIME that it will pay you and HOW MUCH it will pay you when your time comes to use it! This is that period we all face and most are terrified of, when we are left with a choice of going to the nursing home because our family can’t afford to help us anymore with money.
Although it is not required that you be old (people get debilitating diseases and have horrific accidents at all ages and L.T.C. Plans will help policyholders with those as well, however the use of these policies, prior to old age, is the exception rather than the rule).
Neither Medicare or Veteran’s Benefit’s, nor regular insurance, will pay very much of anything for your issues that take a long time to heal or until your time on this earth is at an end.
Regular insurance will ONLY pay if you have a specific policy for that specific circumstance and Medicare ONLY PAYS as long as your doctor is stating you are healing or recovering or responding to their treatment. As soon as Medicare thinks, by diagnosis, that you have stopped doing any of those 3 things, they stop paying.
Who Should Buy Long Term Care Insurance?
Anyone that has an estate of at least $10,000. not including the equity in their home. The ones without that amount of money would be wise to consider not buying this policy as it probably would not save them very much in the long run.
Along with people with less than $10,000. in savings, people also rich enough to afford to pay out a minimum, $50,000. per year ( for a minimum 4 year period) for each individual and not be financially impacted, probably shouldn’t worry about this insurance.
If You Need It, When Is The Best Time To Purchase it?
Quality Long Term Care Policies should be purchased at your earliest convenience. The reasoning behind this is very simple – the earlier, the better and the cheaper.
The younger you are when you purchase it, the companies realize (as do you) your youth, your virility, your chance of better heath and did I mention your youth! For this they offer you, not only better premiums, but also better coverage for when you will be able to use it.
As importantly, all L.T.C. policies exclude everyone that has “pre-existing conditions”, i.e., diabetes, heart problems, arthritis, etc.. Once you have these and many other ailments, the insurance companies won’t write (accept) you.
So pay attention, the answers to these 3 questions are ones that can make the difference in you either living at YOUR HOME with round the clock nursing or laying in THEIR HOME (the nursing care facility of the government’s choice with as little care as they can afford to give you).
Ray Morgan is a multifaceted semi-retired human being and writing articles on personally interesting and economic issues of his times. More can be learned at: http://www.TheRWM.com/.
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