Have funds under savings? Is long-term insurance for me? Long-term care insurance! Is the insurance policy which is designed solely for the coverage of long-term care.Long-term care is the assistance needed for the day to day activities of a person due to chronic illness/injury or aging. Now with this, the first thought which comes into a person mind is that- Already I am saving for my future, have set my retirement goals, do I really need to purchase a long-term care insurance? I have my savings and my family is there to take care of me in the future are the first things which tend towards dismissing the decision of purchasing a long-term care insurance. There is a constant doubt in every individual mind towards whether to contribute a sum of money now towards the insurance for potential cost down the road, or just the savings would do the job. A living facility or a hospital bed would cost around 20,000$ per person, isn’t this high? Not only will it tend towards depleting your savings but also let you compromise your care. Here long-term care insurance comes as the answer and your savings would not be enough to suffice it. Another form of policies such as Medicare just covers the provision of medical care for about 100 days in a nursing home or comes into picture when all your savings have been exhausted. Doesn’t a long-term care insurance comes as an ideal solution in such scenarios.
Now if you fall under these following categories, then without any dilemma one should opt for a long-term care insurance
Yet having further doubts, you can check https://www.magaltc.com/long-term-care-insurance/ to get your queries answered and get the right advice towards a secured future.
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Should I buy a long-term care insurance? Is the question with which maximum people struggle with before coming up with any decision. According to research reports, it was studied that 70% of people over the age of 65 would eventually require long-term care be it at home or living facility. On the other side, the price of long-term care insurance keeps increasing with age of a person. While on one side lies the people who can afford a desired long-term care from their while there are others who rely on medical insurances to do the job for them. But unfortunately, medical insurances have its own limitations and does cover the full-time cost of long-term care. Now for these set of people who are looking for options to secure their savings, purchasing a long-term care insurance can be a tricky affair.
Here I shall be jotting down 8 such mistakes to avoid while making the investment on long-term care insurance Waiting for the right time of purchase: Most people consider the age of 50 as the right age to make the purchase as the premium is affordable alongside being eligible for the coverage. Yet somehow they keep delaying thereby leading to the hike in premium with each passing year. At the age of 60 people wait presuming to pay lower premiums but end up paying much more. Over the decades there a huge strife between the age and premium of the policy. The more one waits, the more they tend towards higher premiums. Also, with the waiting comes along health deterioration which can be Reasoner being non-eligible for long-term care insurance. Comparing policies based only on prices: While looking out for all the available policies under the long-term care insurance, based on the annual premium one needs to pay. Thereby neglecting what does the paid premium cover. A person should always look for policies which are stable and with resources to be around when the coverage is needed. Overlooking shared policies: Very few people infact couples have understood the advantage of opting for the policy which offers shared benefits. For a couple isn’t a single policy with shared benefits better than two separate policies and its premiums which follow. Not only is the shared long-term care insurance cheaper but also can avail discounts when the purchase is bundled. Underestimating inflation rate: While making the purchase for the policy, often people make the mistake of overlooking the damage of inflation. Say a person has purchased the long-term care insurance at the age of 50 and would not require it until the age of 80, inflation would definitely leave the person with no benefits. Hence an inflation protection of 3-5% is the key to look out for while making the choice between policies. Assumptions of non requirement of long-term care: The most important mistake one does is delaying or in a matter of fact avoiding the purchase as they presume that latter part of their life they would be requiring long-term care. And assuming that if they do require care, they have their family to rely on. Do you really want to put the financial as well as mental burden over your family in the near future? Is solely one's personal choice! Did not read the policy document: Often people who have bought the policies encounter claim denials or delay in receiving their benefits in near future. It is always advisable to go through the policy documents and make oneself familiar with the terms of the contract, so as to be aware of when and how to make use of the benefits. Failing to compare all the available policies: Last but not the least people often underestimate the need for comparison of the all the available policies before reaching to the final one. From hybrid to shared policies being available for long-term care insurance, it is sensible to compare and shortlist the ones which would suit your future needs before making the purchase. Definitely,long-term care insurance is the smart move of investment towards the future while avoiding some common mistakes as above. Looking out for long-term care insurance quotes and advise, then https://www.magaltc.com/long-term-care-insurance/is your key!! Every time one is looking for a long-term care insurance, the first question that arises in one's mind is it what I require and is this the right age to invest in long-term care? At the conclusion of such arising queries, usually, people end up with thedelay in buying the right long-term care insurance. The need for long-term care is not considered necessary until there comes the necessity of availing such services. Timing is highly essential when it comes to opting for long-term care insurance. Since, if it's too late to sign up for such insurances then they end up paying higher premiums or end up being non-eligible for the insurance. While on the other side by buying it too early, you can end up with years of premium before you actually require the care. In short weighing, the pros and cons of the policies and deciding the right time is solely important for making the purchase long-term care insurance.
Isn’t it better to be secure then falling into the trap of long pending bills? Now after understanding the requirement of long-term care insurance, when should you avail it? What is the right age? The right age for purchasing the long-term care insurance is mid 50’s. Until and unless one does not have a family history of Alzheimer's or anyother chronic illness, one should probably wait until the age of 50 before buying oneself a long-term care insurance. At this age, one will have a good chance of being qualified for the coverage alongside paying less in the long run. Alongside the age comes the health ability to qualify for the policy. With passing age, health conditions also deteriorate, opening higher risks of being eligible for the long-term care insurance. Even though the right age for the purchase of long-term care insurance is a debatable one, yet one should remember the longer the wait, higher is the premium. Lastly one should remember, waiting will never pay them rather would cost them. While one is waiting for the right age, one is uninsured and God forbid something happens and require long-term care, then it will begin with charging from one's own pocket. Hence be you in your 40s, 50s or 60s-make the choice of opting for a long-term care insurance faster! If one is ready to make the comparison and gain some insight please click https://www.magaltc.com/long-term-care-insurance/ !! Do I really need long-termcare insurance? I am perfectly healthy! Are the first thoughts which arise in every person's mind before making the investment towards something which is long term. Now firstly let's understand what is a long-termcare insurance? It is an insurance product which helps in paying off the cost of long-term care. Long-term comes into picture when a person needs assistance for performing of day to day tasks due to chronic illness, injury, disability or aging process. Any person at any point of time at their life may require long-term care due to chronic illness or injury. Hence it is a sensible decision to invest on long-term insurance, so as to avoid oneself from long overflowing medical bills.
Let's dig deep as to why should one invest in long-termcare insurance? 10 reasons as why such an investment a wise one
Looking out to invest for long-term care insurance, please visit https://www.magaltc.com/long-term-care-insurance/to get the right advice and long-term care insurance quote!! |
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January 2018
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