Not Too Early for Long Term Care Insurance Quotes
Who says you’re too young to request long term care quotes? This process is completely different from actually purchasing a long term care insurance (LTCI) policy. Though the requisition of LTCI quotes is the first step in clinching a policy, you can choose to buy your coverage today or later.
Just see to it that you don’t let a year pass before getting hold of your policy or else all the effort that you put in requesting all those quotes, studying and comparing each will go to waste. You have to note that it’s not only the cost of care that goes up each year but the cost of LTCI, as well. The older you get, the more expensive a potential coverage becomes.
Not so long ago, LTCI companies did not have any problem with the premium payments that they were receiving from their policyholders but a few years before the new millennium these companies started to increase the premium rates of certain groups of policies due to various reasons.
For one, most insurance companies priced many of their policies too low so they winded up paying out a higher amount of benefits while the premium payments that they’ve been receiving turned out insufficient. Insurance companies need to adjust their funds in order to be able to meet every insured person’s claim on their benefits.
Now if you are going to apply for a policy too late, perhaps when you’ve turned 65 or 70, you are likely to be rejected by an insurance firm or in case your application gets approved, you shall be subjected to a very high premium. Studies show that most people in their 60s and 70s require higher levels of care so the underwriters of LTCI firms try to veer from such individuals. Providing offhand coverage to very old applicants translates to bigger expenditures which LTCI firms wouldn’t want to experience for the time being.
Know Your Options with Long Term Care Quotes
According to long term care (LTC) authorities, today’s generation particularly the one comprised of baby boomers shall live longer than the previous generations. Many boomers are expected to live into their 80s and 90s and thus posing greater demand for care.
There is an increased demand for nursing home care, albeit not favored by many, as the number of senior individuals with Alzheimer’s continues to soar.
Right now, the median daily rate of a private room in a nursing home is $222 while the average hourly rate of a home health aide is $19. People can choose in-home care over facility care but if they are planning to stay forever in their homes even when their health has plummeted to the worst of conditions, they have to be financially ready to bring in the necessary nursing home equipment which costs a lot of money.
Everyone is advised to look into LTCI quotes from different carriers so that he can realize his LTC goals. With the right LTCI coverage, one wouldn’t have to worry about how he should cover the costs of a nursing bed, wheelchair, or patient lifting equipment among others because his policy will assist him financially.
Everybody deserves to receive high quality care but one can only attain this through proper planning. Start your plan today by requesting long term care quotes. If you need help, contact a licensed LTCI specialist where you live.
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