Some False Perceptions about Long Term Care Plans
Just as the number of those who are considered baby boomers who need LTC services start to grow, the concern and curiosity towards how important long term care plans are to one’s life also increase. But sadly, the curiosity and the fact that every individual needs to have or own one do not affect the preference of most American citizens.
There are several factors as to why the public finds it “unreasonable” to purchase an LTC plan. Some think that because they are still young and still have a good health condition, there is no need for them to immediately buy an LTC plan, while some delays their plan purchase with hopes of finding ways on buying it with cheaper monthly premiums.
Unfortunately, with this kind of thinking and attitude, there is no way for them to find or know the value of owning an LTC plan at an earlier age. They somehow have the misconception that by waiting for the “right time” to avail their own policy, they would be given more discount when it come to their policy rates.
Ironically, insurance providers prefer those applicants who are younger and still have fixed or strong financial resources to pay for their policy’s monthly premiums. Young applicants are usually given more discounts and more policy privileges such as cheaper monthly premiums and higher levels of inflation protection, which are both determined based on the age of the individual at the time of his LTC policy purchase.
Aside from this, the public may also have to deal with more expensive prices of long term care plans compared to those that the insurance companies offer right now because of the fact that the rates continue to change and vary depending on the present costs of LTC services available.
As a result, the thought of saving up to pay for their future LTC needs may be useless and pointless since it may not be enough to cover all the facilities and services that their condition would require. And as a consequence, they just might have to settle or compromise their health and LTC needs just to be able to somehow avail some services that can address what their health needs.
The public should also not entertain the idea that since they are healthy now, they would have no major or serious medical problems in the future and that they do not need any LTC plan to help them cover their LTC expenses since they still have their children or loved ones to look after them.
As per some studies conducted several years ago, an average individual who would live beyond 60 years old would require to receive or use LTC services and facilities to treat his illness or simply because he needs professional attention and care to lessen the load of being old. A relative can take care of an elder family member anytime but he may not be equipped with medical knowledge on how to cure the person’s illness, which is usually a sensitive issue.
The above conditions are just some of the false perceptions of the public with regards to long term care plans. Careful evaluation, as well as early planning, guidance and help from insurance professionals, can help them acquire more truthful and helpful facts about LTC policies.
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