Buying Long Term Care Insurance Strategically
Long term care insurance is a very important product which people need to consider for their future. Perhaps you can think of it as the lone insurance product which offers access to quality care and asset protection. Rates of nursing homes, community-based care, and even in-home care get higher each year so there is no other time than today to request a long term care insurance quote to protect your family from potential financial distraught.
Financial advisers, elder care specialists and experts on the field of long term care (LTC) have long been preaching about the advantages of owning a long term care insurance (LTCI) policy. With a well thought out policy, one can receive care in his choice of LTC setting. Home-based care happens to be the preference of most Americans, which they can easily acquire with a comprehensive LTCI policy. All it takes is perseverance for every individual to get hold of a plan that is well-suited for his or her specific health care requirements.
Sadly, only a fraction of the population has managed to secure a good LTCI plan while others remain undecided. Time and time again, health care reports would remind the public of the continuously soaring annual costs of LTC facilities. Still, the number of uninsured folks remains bigger than the insured as majority of the population thinks by the time they will need care things will be different in the LTC industry and in the government.
It’s about time that farfetched ambition be put to rest because only one thing is definite and that is the fact that the cost of care will double 13 years from now and subsequently quadruple in 2030. Without a concrete financial and health care plan, your finances are bound to be doomed when that time comes.
Start Off with a Long Term Care Insurance Quote
To those who are wondering how they can avoid overspending on an LTCI policy, the key is to request as many LTCI quotes as they can.
First thing you have to do is to contact a seasoned LTCI broker or an insurance agency that represents leading carriers in the country. Be sure that you look at its tenure in the industry before making any negotiation. If the person or company has been around for more than 30 years then rest assured you’re in good hands.
From conducting a rigorous research, supply your LTCI representative with your personal information that is relevant to your LTC needs. For instance, your latest medical report, your family’s health history, preferred LTC setting, type of coverage, vices (if you have any), and the budget you plan to work around.
Do not conceal important information especially those that concern the state of your health. Should you have any pre-existing conditions let your agent know because a potential insurer could contact you and if it finds out that you’ve been holding back relevant information it could blackball your application.
Once you have approved a long term care insurance quote you are no doubt very close to clinching that much-needed LTCI policy. Financial advisers strongly advise young people to start looking at potential LTCI policies while they are active at work and not at risk of requiring care anytime soon. Doing so will guarantee them of smaller annual premiums.
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