0 Email Share Favorite RePublish article Tweet To be able to receive higher quality of long term care (LTC) someday, buy your LTC insurance policy early as this is the only secret to a healthy retirement. Not many people who have already retired are basking in financial freedom. Most of them are still paying large amounts of money for their long term care insurance (LTCI) coverage which could have been avoided had they bought this product earlier. Experts in the field of LTCI have said repeatedly that the earlier you buy your policy, the lesser your premium. For some reason, though, not many baby boomers understood this very well and now they are struggling to maintain their high annual premiums with their limited financial resources.
According to a comprehensive study which was presented to potential LTCI policy buyers, a 47-year-old individual who is in the best of health can effortlessly clinch a tax-qualified policy with a maximum daily benefit amount of $200, 5% compound inflation protection, and a three-year benefit period for an annual premium of $1,800. Now a 67-year-old senior citizen who applies for exactly the same type of policy will most likely pay $3,870 because he has a higher risk of requiring care sooner than the 47-year-old buyer. The difference between the annual premium of the 67-year-old buyer and that of the 47-year-old is $2,064. This is a lot of money which does not have to go to a single LTCI coverage as it can be used for more important things that will benefit your family. Buy Your LTC Insurance Policy Early People who apply for LTCI coverage early in their lives can look forward to receiving twofold of their insurance benefits. For example, an insured person’s policy stipulates a maximum daily benefit amount of $150 for a three-year benefit period but with its 5% compound inflation protection, he can expect to receive as much as $300 a day from his policy when he starts requiring LTC.
Older LTCI buyers, particularly those who are 75 years old and beyond, are discouraged from availing the 5% compound inflation protection as this will increase their premium rates. If they insist on getting this type of rider there is a high probability that their policies will lapse. Since they purchased their policies too late, the only option that is left to them is a high annual premium for a small amount of LTCI coverage. If you are okay with the idea of forking out a chunk of money for a small LTCI coverage, then there is no reason to rush into buying a policy. However, if you want to ensure your family’s financial security and to keep your self-worth there is no better time to invest in a comprehensive LTCI policy than today. Insurance companies that market the said product offer free LTCI quotes so that you can calculate the amount of coverage that you will need and determine, as well, the budget that you will allot to your annual premium.
Next time a TV ad or a newspaper article tells you to buy your LTC insurance policy early, pause and think instead of dismissing it right away. When it dawns on you that you could need some amount of coverage n the future, contact a licensed LTCI broker. Related Coverage Buying Long Term Care Insurance Strategically Long term care insurance is a very important product which people need to consider for their future. Perhaps you can think of it as the lone insurance product which offers access to quality care and asset protection. Rates of nursing homes, community-based care, and even in-home care get higher each year so there is no other time than today to request a long term care insurance quote to protect Understanding Long-term Care Insurance It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care.
One solution that is gaining in popularity is long-term care insurance (LTCI). Should You Buy Long Term Care Insurance? Caring for family members or friends can be free, but it takes tons of emotional, financial and material resources at their disposal. It can also reduce their earning capacity in the future. Thus, opening doors on buying long term care insurance has become a wiser option for most Americans nowadays. Long Term Care Insurance, Who Needs It? I used to wonder who should buy long term care insurance before I engaged myself in long term care literature. According to the experts in this area, everybody who is young, healthy and has a stable income is capable of buying this type of insurance product. Article Source: http://insurance-policy.ezinemark.com/buying-long-term-care-insurance-do-it-today-7d3774346091.html Author Box
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