Long Term Care Costs vs. Insurance Quotes
Before buying a long term care insurance policy you should take time to look into various long term care insurance quotes as this will help you assess the amount of coverage that you will need and the premium which you are capable of maintaining yearly.
Long term care insurance (LTCI) is an expensive product especially if you buy it at a later age. However, if you study your options before you turn 50 you will realize that it is definitely more affordable than the cost of care.
Would you rather spend $1,050 annually for a policy which has a total benefit amount of $175,500 that can increase tenfold owing to inflation protection or, perhaps, $77,745 every year for a private nursing home room? Long term care specialists, by the way, say most people require three years of care so if we would recalculate the total annual expenses of an individual who would receive three years of care in a nursing home that would be $233,235. How would you rate your confidence in these figures?
If that information made you speechless for a second or two it only means that you should seriously consider LTCI earlier than your initial plan. If you wait to retire before applying for an LTCI policy chances are your health would have changed by then and thus you’re more likely to be rated by an insurance firm if not declined.
It does not matter if you are only 40 or 45 at present. The earlier you study your policy options, the less likely you are to experience financial problems in the future. Keep in mind that LTC costs will not only affect you but your entire family. If you do not start planning for it today you will wind up depending on your loved ones when your need for LTC comes and their lives will eventually be derailed.
Long Term Care Insurance Quotes
Although you can request your LTCI quotes by yourself, it is better to have a seasoned LTCI specialist guide you through the process because you are not well-versed in negotiating with LTCI carriers.
Experts on the field of LTCI are familiar with the rates of the top LTCI carriers so they would know better where to gather your quotes. You have to note though that your agent will need your full cooperation.
Among the things that your LTCI agent should know are the cost of care in your area, your present health condition and health history, your preferred LTC setting, the period of your coverage, and how much you expect to receive in benefits from your LTCI policy.
It is also necessary to let your broker into any pre-existing condition which you may have because if you’re going to have secrets it would be impossible for him to negotiate for a good coverage on your behalf.
To understand better how long term care insurance quotes can lead to a policy that is suitable for you, contact your licensed LTCI representative today to discuss all the details.
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