Is Long Term Care Insurance Optional?

If the average annual cost of care is $ 10,000 or less you won’t hear financial advisers and professionals on the field of long term care egging people buy a long term care policies, but the unfortunate truth is that you won’t be able to receive quality care if you are earning less than $ 100,000 a year.

That figure is not exaggerated as it naturally includes one’s adjusted budget for his living expenses. Do not get the impression that individuals who are receiving assistance with their activities of daily living (ADLs) from eating, bathing, dressing, transferring, to toileting and continence no longer pay for new clothes and their home’s mortgage. They still do that is why it there’s a need to think of the cost of living in your area of residence apart from the cost of long term care services that you might need.

Experts on the subject of LTC say families who currently have loved ones in nursing homes are spending $ 77,745 annually, on average, for a private room. Licensed nurses say old people in nursing homes usually stay for a period of three years so if a family has less than $ 200,000 in their nest egg how can they possibly ensure their loved one of quality nursing home care?

That’s precisely why everybody is advised to buy a long term care policies as these products provide coverage in all types of LTC settings. Policyholders have the freedom to choose where they want to receive care and they don’t need to be 65 to qualify for their benefits.

Many people bear the false notion that LTC is only for the elderly and so they keep postponing their long term care insurance (LTCI) policies. Studies show that 40% of today’s recipients of LTC are comprised of individuals from the 18 to 64 age bracket. Some people have multiple sclerosis, early-onset Alzheimer’s, or figured in an accident which fractured their spinal columns or caused brain injury and thus the need for serious care. Anyone can be subjected to LTC regardless of age so plan it while you can.

Although there are many ways to plan your future health care needs, an LTCI policy remains to be the best solution to the high cost of care. By investing in this insurance product you can spare yourself from spending $ 36,480 yearly just for a home health aide. According to LTCI agents, those who purchase their policies at the age of 50 or younger will spend roughly $ 1,500 or less for the annual premium of their coverage. Just imagine the big difference and the huge monetary savings that you can enjoy if you plan early.

Pay attention to the manner in which you plan your future as this will give you an idea of what you may obtain. If you plan in haste, you run the risk of getting mediocre to poor LTC services but if you take time to weigh your options, such as buy a long term care policies, there’s no doubt your future will be smooth sailing.

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