Higher Long Term Care Insurance Quote For Procrastinators
Practically everybody has the habit of procrastinating but when it comes to long term care planning, there is no room for such thing. If you delay the request of a long term care insurance quote you could wind up paying more in annual premiums, or worse, being declined by an insurance company.
Young, healthy people will receive more benefits from a long term care plan than older people, and we’re not just talking about the monetary aspect or the cash benefits here. Young people have big chances of clinching a huge preferred health discount with their policies apart from a lower annual premium.
Meanwhile, elderly folks especially those that have manifested symptoms of a debilitating disease already should not expect anything more than being either declined by an insurance firm, or perhaps, charged with a higher annual premium rate.
That’s the business of LTCI. If you are at higher risk for needing care anytime soon, your insurer will make sure to draw a large sum of money from you especially if your estimated time for premium payment is less than 10 years.
The cost of care these days is too high that’s why insurance companies are not to be blamed if they always see to it that the schedule of claims would be in equilibrium with the period of premium payment; and that the amount of one’s claims corresponds to the total premium which he has paid out.
Request Long Term Care Insurance Quote Responsibly
For an insurance agent to be able to provide you with an LTCI quote that is right for your budget, health requirements, and the rate of LTC setting of your choice, you have to provide him with all of your necessary information first.
You cannot simply instruct an agent to get you the lowest LTCI quote even if you are predisposed to cancer, diabetes, heart ailments, hypertension, and other serious health conditions that require expensive medications to prolong your life and keep you stable.
It would be best to match the quote with the scope of healthcare coverage which a certain LTCI policy is going to provide. For instance, a comprehensive LTCI policy with a benefit period of four years will cost $2,500 in annual premium. It has a 5% compound inflation protection and a 30-day elimination period.
If you think you won’t be able to maintain the premium rate, opt for partial home care coverage or 75% facility care coverage. You can pay the remaining cost using your personal resources. After all, when you were told to plan your long term care nobody told you that you won’t need money anymore.
You can, however, demand for full LTC coverage from your LTCI if you have no qualms about the rate of your annual premium.
Just make it a point to study every long term care insurance quote which your insurance agent is going to gather for you, and compare it with the others so that you won’t end up with regrets.
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