Long Term Care Insurance - Important Decision for the Future
Long term care insurance is not just for older people, accident or major illness can require extended care and financial resources. The best way to get cheap long term care insurance is to buy it when you are young and before you have any major physical problems. Long term care insurance is nursing home and in-home care insurance.
One of the greatest risks faced by America's elderly is the need for long-term care. Unfortunately, by the time most people need long term care, the time to purchase insurance has long passed. There are basically three ways to fund your long-term care needs: self-insure, qualify for Medicaid, or obtain long-term care insurance. The costs of long-term care vary widely. Now is the time to get more information about long term care insurance and find a plan to fit your needs. First, one should gather information on long term care insurance. Online service is a great way to research long term care policies and company offerings. Multiple quotes and same type comparisons are a necessity. Be sure to explore the qualifications sections of each policy as not all are equal. Inflation protection is also needed in your policy with the explosive rise in health care costs.
The cost of long term care insurance depends on your age, the benefits you choose, the length of coverage and other factors. Rather than spending $40000 to $80000 a year on average for long term nursing home care, you can spend a fraction of that cost for a long-term care insurance policy. With the rising cost of long-term care, it's important to start planning now for your future health care needs. Home care can cost $12000 or more per year (HIAA, Guide to Long Term Care insurance, 1999).
If long term care insurance is affordable for you, you should definitely consider transferring that risk to the insurance company. Long term care insurance is designed to help pay for many types of long-term care, including both skilled nursing care and community based care. Long term care insurance is an important financial planning tool, and it's important to apply while you're still healthy.
Related Tags: financial, long term care insurance, care insurance
Copyright © 2006 Will Jones
Will is a retired Research Food Technologist who worked over forty years with a major Fortune 500 food company in the Midwest. Product and process development of various types of foods were Will's expertise. Will's interests include reading, cooking, fishing, travel and golf.
Will is also a contributing editor for http://www.best-free-help.com a FREE Informational Website Portal that is dedicated to giving people expert knowledge of real value, to help people them decide!
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