When someone ages they begin to realize that their bodies aren’t functioning quite the same as they once did. At some point they will start to experience difficulties with activities of daily living, and for some men and women they eventually have to have some assistance from a nurse or even a nursing facility. These kinds of care services are getting to be increasingly more costly, and their cost is rising more quickly than the pace of inflation. In order to pay for the services a number of men and women are buying long term care insurance prior to when they need to go into a nursing facility or develop long term disabilities.
Long term care insurance can be a terrific tool and a financial answer when one develops a long term disability. If used properly it will help a person spend much less of their individual wealth for nursing care, assisted living facilities, and by doing so they can leave a larger legacy to their loved ones and favorite charitable organizations. While the insurance is great, there are several crucial issues to think about if an individual is figuring out if they would like to purchase it. (LTC or LTCi)
The first and most significant is the fact that they need to be insurable. Just like all insurance coverage, the providing insurance company is not going to accept somebody they believe is way too much of a risk. So if a person believes they are in a position to get the insurance, they then will need to determine what kind of coverage they need and apply for coverage. Note: 46% of Americans get denied coverage but this should not be used as an excuse to not educate yourself on the importance of needing long term care insurance.
Most policies are priced with a monthly or daily benefit. These benefits can range anywhere from a few hundred dollars to several thousand dollars. The insured individual needs to decide how much of the risk they would like to accept themselves, and how much to let the insurance company take on. The less risk they assume, the more they are going to pay for premiums. The key is to know what the current cost of care is in your region and to always turn to a long term care insurance specialist because you could save thousands.
The next major component of the coverage to figure out is what they would like as their waiting period or deductable called Elimination Period. With items like car or homeowner’s insurance the insured carries a deductible in dollars. With this kind of insurance coverage, the insured person’s deductible is determined in days. The industry average is a waiting time period of 60, 90, 180 days, or six months, before the benefits go into effect. This will mean the insured individual must need the services, and pay for them out of pocket, for 60, 90 or six months before the insurance will take over the payments. If that is too long they can opt for a shorter waiting period, however that transfers a larger amount of risk to the insurance provider causing premiums to become higher.
As you can see long term care insurance includes a good number of variables. The most effective thing to do is, if you are between 40 and 65, speak to an expert who offers these policies. They will help you to figure out which alternative will best fit your budget.
Are you looking for the right long term care insurance? Be sure to visit Kurt Lauman for FREE information concerning the importance of needing long term care insurance.
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You have found one of the single best sources of information on long term care insurance. We are a licensed independent insurance agency that specializes in Long Term Care Insurance. Our mission is to provide you with excellent service, helpful advice and useful resources nationwide. Find out more about Long Term Care insurance from Kurt Lauman a Long Term Care Insurance Specialist & Partner with LTC Financial Partners, LLC. (LTCFP) *Be sure to visit website for FREE Online Long Term Care Insurance Quotes from the America’s “Top” LTC Insurance Carriers & Official LTCI eGuide “Dignity For Life!”