Why Proper Timing is Important for Long Term Care Insurance Purchase
With the economic turmoil still not yet fully resolved up to this day, the need for long term care insurance for an individual’s future LTC needs is higher due to the unpredictable increase in its rates and other prices in the long run.
Studies show that the rates of monthly premiums of an LTC insurance policy increase by as much as ten to twelve percent for every year that the insurance plan acquisition is delayed. This increase would definitely make the already high-priced LTC insurance prices even more expensive several years from now.
Many American citizens think that paying for the monthly premiums of an LTC insurance plan is impractical nowadays, especially if there are other important daily necessities and things that need to be satisfied. They prefer to save up and use their savings and other assets to pay up for the LTC-related expenses that they might incur in the future.
Unknowingly, these people are only making their lives harder and more complicated for they might just end up spending all their savings and other assets to pay up for the LTC services and facilities that they will use when the time comes that they need to depend on other’s help to surpass the burdens of being old or stricken with certain diseases.
According to some insurance industry experts, the younger an individual when he purchased his LTC insurance, the better chances of him getting lower and more affordable policy rates and monthly premiums. This is because age plays a crucial role for the insurance companies when obtaining the long term care insurance plan rates that they will give to a particular policyholder.
Age also determines the level of inflation protection that an insurance plan may get. This is considered as the most important of all the features that any LTC insurance plan must offer. Inflation protection adjusts and regulates the value of a certain policy based on the current costs of LTC services, regardless if the insurance plan that the policy owner previously purchased is of lower price than the present costs offered.
Some surveys also show that an average individual who is 65 years old and above would require to receive LTC services at least once in their lifetime, and that three years is the minimum duration of stay or confinement in a nursing home and adult day care facility.
This implies that an individual does not need longer benefit coverage period if he does not have serious or major health issues and that he may save some dollars on his monthly premiums because policies with five years or lifetime benefit coverage are usually more expensive.
There are also some other LTC insurance policy options administered and run by the government wherein the public may avail of lower monthly premiums than the ones that are usually offered in a policy acquired from private insurance providers.
With these factors, the price of a long term care insurance policy should not be an issue or burden to the public anymore. Given the proper information on how to acquire cheaper policies, the public will surely get a hold of such insurance plans in order to secure their future LTC needs.
Learn more about important information about CLASS act and you can also get free long term care quote when you visit our website now.
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