Long-Term Care Insurance

The concept of a Long Term Care Insurance is a savings product sold mainly across the United States, United Kingdom and Canada. While long-term care insurance helps in fetching you security beyond a set time frame, it also is different from Medicare health insurance as it offers more benefits to the person signing up with them.^[1]

Age is not the factor that determines if an individual needs long term care insurance, but rather it is their ability to perform any kind of activity, which qualifies them for the saving policy. In fact at times certain alterations to your health might just not get you access to long-term insurance, hence the myth of only Parkinson’s or deathly diseased persons receiving such insurances is just a myth. In fact a lot of times an individual receives the benefits of long-term care insurance while living at a very young age.

However, currently many individuals in the United States of America are opting for such policies for social and health security, but there are also few who are opting out of it.

There are various types of long term insurance plans, while some ensure to cover you for a longer duration like for lifetime, there are many that may turn up covering the expenses only for a few or couple of years.

There are factors that determine one’s eligibility in getting long-term care insurance, and these are:

• Your age while purchasing a long-term care insurance.
• The stipulated amount one will receive on per day basis.
• The final figure, which divided tells you how much the policy will pay per day.
• Scrutinising the optional benefits one wishes to receive while applying for long-term care insurance.^[2]

Long Term care policies are your answer to stay sure about your future even when you are not in a state to work or need aid for things. While long-term care insurance facilitate hospital bill payments, medical care, financial assistance for accommodation, adult day cares – they also take care of your miscellaneous expenditures like the therapist, local nurses, domestic help and other assistance that may come handy. In fact, certain insurances under the realm of the long term care insurance might also lend additional benefits like loan premiums, daily expenditures and spending on necessary home related products.^[3]

While both the insurances have a similar concept of covering the cost incurred by a lay individual when in medical distress, the only thing that distinguishes both of the policies are that long-term care insurance helps the individual take care of expenditure for their house settings and living even when outside the hospital. Long-term care insurance is not only for medical purpose, but also to ensure cover up of your entire livelihood from domestic care to medical bills and accommodation. In fact the additional perks like loan payments etc. from long-term care insurance are way better than Medicaid.^[4]

Well let’s just say just like other tax reduction policies even the long term care insurance owns the perk of deducting taxes. With high net worth individuals or retired servicemen, long-term care insurance can be a great source to file for returns and help them recover the money as it can be used to benefit the individual.^[5]

The concept of long-term care insurances make the old and sick extremely dependent on themselves. Not only does long-term care insurances give them a sense of livelihood, but no longer are they a burden (as termed by few youngsters) and can live a life of gratification and self contentment. Even single parents who are not affording enough to suffice their family or individuals who are sick and are finding it difficult to manage the cost of their treatment are now self dependent thanks to the benefits of long-term care insurance. The fear of depending on your family once sick, old or in an unemployed state can be taken care of by the State Government under such private insurance company policies.

There have been a lot of speculations and second thoughts on buying these long term care policies after the hike in prices and the coverage one receives. Running you down to certain of these flaws of purchasing such long duration insurances, here are few of them:

Hike in Premiums. Lately there have been many questions being raised on the concept of getting a long-term care insurance, as the rise in the premium charges have made it difficult for many people living a hand to mouth life to acquire such medical security. While it mainly helps the people in their old age, the cost price of the premiums one has to pay monthly or annually is not affordable enough by retired servicemen and women. The comparison of paying higher prices for lesser benefits one receives from the insurances makes the individuals opt out of investing in the long term care insurance.

Unsure on the reason one needs, such long term care insurances as these besides people suffering with an illness, even the unemployed individuals are opting for it. We are still to figure how they pay their premiums, but well the benefits are surely being enjoyed by them which is ideally for those who can’t do things on their own or need assistance to move from one place to the other.^[6]

References:

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