What is Long Term Care Insurance?
Long term care insurance serves to assist those people who require extra care and attention as they age. Long term care insurance assists to take financial load away from family members, and for the individual in need of such attention. Often, the elderly have very little income and no "extra" money. The cost of aging itself seems to be going skyward. Those who can least afford it are expected to pay large healthcare expenses.
This is why long term care insurance can be good, and take financial burden away from those who cannot spend the high cost of healthcare. A long term care insurance policy may be purchased at any time, though policies are best bought before the need for long term care arises.
Paying the Price of Long Term Care Insurance
Long term care insurance premiums and costs will usually go up as the policyholder ages. In some cases, long term care insurance will not be needed at all. In those cases where long term care is needed, however, long term care insurance can be priceless.
The cost of paying for long term care insurance is much less than the cost of paying for long term care. Healthcare these days is very expensive. Long term care, these days, is very high.
"An average private nursing home room this year costs over $190 per day. Now, to receive 24 hour care at home costs more than $400 per day. Life expectancy for women is 80 years, five more than men. You want to stay in your home as long as you can. You want to choose where and how you receive long term care as you grow older. About sixty percent of those age 65 and older will need long term care. A third of those receiving long term care today are under 65"
- Long Term Care web site, July 2006
Obtaining a Long Term Care Insurance Policy
Many insurance companies offer long term care insurance policies. It is always a good idea to shop around for the best rates and coverage when it comes to purchasing any type of insurance policy, but especially when it comes to health insurance.
Rates on long term care insurance will rise as time passes, but in general it is best to purchase a long term care insurance policy before the need for long term care rises. Do as much research and obtain as many quotes as possible when thinking about a long term care insurance policy. Make sure you know the rate at which the policy will increase and how much the long term care insurance will pay out.
Understanding Your Long Term Care Insurance Policy
These days, simple insurance policies are so complicated that you almost need a translator to decode the more complex language. It's very important that you understand the details of your long term care policy, including limits and deductibles that are applied to that policy. If you need help understanding a policy, you can consult with an insurance agent or lawyer. Do not sign up for a policy unless you understand every detail of that long term care insurance policy. You want to have all the details before you sign.
How Do You Know Long Term Care Insurance is Right For You?
Long term care insurance is for anyone who does not have an limitless supply of money, who does not want themselves or their family to bear a heavy financial burden as they age. Long term care insurance serves to protect you, both financially and health-wise. Long term care insurance is a good idea for anyone, whether they believe they may need long term care or not.