Why Plan for Long-Term Care Insurance

 

Long Term Care insurance is a type of health insurance offered to those people who are in need of help along with their activities of daily living like eating, toileting, transferring, dressing, continence, bathing etc. Millions of people across the globe have realized the actual benefits of LTCI, and they are selecting this health insurance as soon as possible because they know they may require LTCI in the future. It is estimated that around 13 million people in the USA require long term care; among them, 40 percent of people are of old age. Now with these statistics, you may have come to realize why it is essential to purchase LTCI immediately just before your retirement. According to the US government, it is always a better idea to purchase LTCI when you are younger and the premiums are low, so that you can use the benefits when you grow older and not have to pay the higher premiums because the risk is greater. 

Now let us discuss the things that are required to qualify for benefits of a Long Term Care insurance policy.  Today you will notice that most of the LTCI policies sold are Tax Qualified.  This is the type of policy in which you will only become eligible for benefits when a practitioner confirms that you are unable to perform at least 2 activities out of the 6 activities of daily living (ADL) for at least 3 months.  If you have suffered from any cognitive impairment such as Alzheimer’s, then you also will be eligible for this policy. 

There can be numerous reasons behind purchasing insurance.  Most people nowadays want to equip themselves to meet any unexpected situation.  No one in this world knows what is going to happen in the next second; anything can happen to you and at that certain point of time you may not be in the condition to resolve the issue.  People buy insurance for their car so that they can claim insurance to pay for damages; similarly, people insure their homes, life, boats, health, etc.  But purchasing LTCI is something different because with this insurance policy, you will be able to maintain a level of independence for your family and for yourself.  It is specially designed not only to protect you,  but also your family so that you don’t become a burden to them.  It also protects you from losing all of your assets you have worked so long and hard to establish.          

Ironically, people nowadays want to equip themselves to meet any unexpected situation. No one in this world knows that what is going to happen in the next second, anything can happen to them and at that certain point of time you may not be in the condition to resolve the issue. For instance in car accidents, you insure your car to keep your car protected from any damages and scratches. If some damage happens to your car then you don’t want to pay for it, but instead of it you pay monthly payment for premiums and leave everything on insurance company to take care of the damages. Similarly, long term care insurance is also designed not only to protect you but also protect you from losing of your assets you have worked a long period of time to establish.


Today, most of the younger generation doesn’t think about their future, and it is the biggest mistake they are making in their life.  If you don’t plan for your financial future now, then you will definitely face difficulties when you grow older.  This is why it is recommended that you should immediately purchase a Long Term Care insurance policy today without making any delay.  If you plan and prepare for yourself properly, then you are sure to have a better future and life ahead.

 

LTC additional info

Additional Information