You Can Pay Less for Quality Care
There is no reason to stress yourself thinking constantly about the high cost of care because with the right plan, you can easily afford it. Some people had to use up all of their assets to receive quality care because they did not ask how much does long term care insurance cost?
Out of the picture? Vehemently not. You should actually prioritize a long term care insurance (LTCI) policy more than the regular health insurance policy because the latter has limited offerings only. Meanwhile, an LTCI policy is specially designed for aging folks and the disabled.
According to experts on the field of long term care (LTC), individuals with LTCI policies have absolute freedom to choose where they want to receive care. This is what those who are dependent on Medicaid for their long term care (LTC) can never relish.
Although Medicaid would cover an individual’s LTC needs after he has satisfied this program’s asset and income eligibility requirements, it does not offer anybody any choices at all. You will only get what Medicaid is capable of providing you or what its budget for LTC is capable of offering,
If you want to receive care in the comfort of your home without compromising your needs, you should not depend on Medicaid. Touch base with a licensed insurance agent who is authorized to sell LTCI policies in your area and you’ll be surprised by the array of benefits that you can get from a single policy.
How Much Does Long Term Care Insurance Cost?
While we would normally ask the price of a product in the market before buying it off the shelf, this method is not applicable in the LTCI industry because the price of your coverage, which is known as the premium, will depend on the information that you provide your LTCI agent.
According to the experts, the premium of your LTCI policy shall be based on your age at the time you purchase a coverage. Apart from age, health is also another important aspect which the underwriters of LTCI firms strictly look into.
Do not attempt to hold back any information about your health because the company that will process your policy has its means of checking your background. If it finds out that you are lying it can instantly disregard your application or you’ll be blackballed.
There is no need to lie about yourself, most especially your health, if you would only plan your LTC early. By working out an LTC plan while you’re years away from needing care your chances of getting approved by an LTCI company are very high.
Both men and women have to plan their future health care needs but the government’s eyes are on the latter since majority of informal caregivers or unpaid caregivers are women. When an elderly member of the family can no longer perform his activities of daily living (ADL) such as eating, bathing, dressing, toileting, transferring, and continence it’s the wife, daughter or sister who shoulders the heavy responsibility of providing quality care.
According to statistics, 75% of a nursing home’s population is comprised of women and most of these women are relying on Medicaid as their savings have been wiped out by a loved one’s LTC expenses.
Don’t put yourself in a similar situation. While you’re healthy and with a fixed source of income, contact a seasoned LTCI agent in your area and ask how much does long term care insurance cost.
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