Buying Long Term Care Insurance at 28
According to some experts in the area of long term care insurance (LTCI) the ideal age to purchase a policy is 50 but I think otherwise. After a friend of mine broke his back in a vehicular accident and has been undergoing therapy for over a year now I realized long term care (LTC) is not only for our folks and grandparents as even younger people can require years of care.
After conducting an in-depth research on LTC I learned that 40 percent of the population who is currently receiving LTC ranges from 18 to 64 years old. Serious injuries and maladies are the common triggers of LTC. Without an LTCI policy to foot your LTC expenses you’ll spend roughly $77,745 for a year’s stay in a nursing home, while the current yearly rate for in-home care is $71,040, which is usually inclusive of home health aide services that cost $19 per hour and homemaker services that come with an hourly rate of $18.
These rates are expected to double 15 years from now so rather than wait for an event that will put me in an unlikely financial situation, I’ve opted to speak to my cousin’s LTCI agent who’s been representing various insurance companies that market LTCI policies for many years now.
I could’ve just walked into one of those companies but I’ve heard of many people who made the mistake of buying an LTCI policy without studying first the different variables that constitute it. Insurance agents who are adept in marketing LTCI policies say every buyer has to analyze a policy’s components very carefully as this is an important phase of the buying process.
Do’s and Don’ts in Buying Long Term Care Insurance
According to those in the know never buy a policy until you’ve studied your family’s health history and had your present health condition checked by your physician. Off-the-cuff spending can result in waste of money so it is important that you identify your healthcare needs first lest you end up not using your policy’s benefits.
By undergoing regular checkups and preventive health screenings you will be able to know if you have a genetic predisposition to a certain kind of illness. In case you do, you need to raise this matter to your LTCI agent so that he can clinch the best LTCI quote for you.
LTCI quotes vary depending on the maximum benefit amount, maximum benefit period, elimination period, and inflation protection. To determine the amount of your benefits you have to first identify the type of care that you will need someday.
There are different types of LTC settings and each come with different rates. Individuals who are predisposed to chronic illnesses such as diabetes, Alzheimer’s, cancer, high blood pressure, stroke, and heart diseases among others should definitely consider the cost of a nursing home in their area of residence as they are likely to enter one.
Meanwhile, if you are only thinking of custodial care you can opt for in-home care but then again, do not discount nursing home care from your LTC plan because anyone who expects to live longer than 80 years is susceptible to an array of health disorders.
Take time to discuss your long term care insurance options with your agent as this will benefit you and your family in the long run.
Are you planning to purchase long term care plans? Research various long term care quotes and compare their policy features before buying one.
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