7/25/2011

How Important Is Long Term Care Insurance?


Nowadays, we should plan our lives according to how we want it to turn out in the long run. If we take it one day at a time, chances are we would miss out on the important details because we tend to get distracted by the sidelights which normally consist of material wealth. Long term care insurance (LTCI) is one form of investment that may not promise you ROI but will definitely make your retirement years enjoyable and your family worry-free.

Contrary to what others have been writing about, insurance policies for long term care are not only for the rich that have numerous properties. Perhaps the partnership LTCI program is well tailored for them, but in general LTCI policies are intended for individuals who want to receive quality care someday should they become too old or in case they acquire a disability and could no longer perform activities of daily living.

Owners of LTCI policies have the freedom to choose where to receive care someday and how much to receive in benefits. It actually just boils down to knowing the cost of care in your area and determining your capacity to pay the annual or monthly premium of your LTCI policy.

If you’re one of those people who does not want to lose everything that he has acquired through hard work to long term care expenses, this is the perfect time to inquire about LTCI policies. Perhaps you may want to request LTCI quotations from different insurance companies and compare the offerings and cost of each.

Without an LTCI policy, you will be left with no choice but to shoulder your health care expenses in the future. If you can’t do it, your wife and children will. If your family runs out of funds, Medicaid will come to aid you but the downside to this is that you will not be able to call the shots instead, you have to make do with whatever this health program is capable of providing you.

Who Usually Buys Long Term Care Insurance?

According to the records of the American Association for Long-Term Care Insurance, mostly women buy LTCI policies.

This is understandable because women are caregivers by nature. Most of them would rather take care of their parents and husbands than hire a home health aide or somebody to render homemaker services.

This explains why many nursing homes are teeming with female residents. Perhaps if there are men, they only comprise a small percentage of the total population of a nursing home.

Unfortunately, many women have acquired their LTCI policies too late in their lives as they have been very busy taking care of their parents and spouses. Some of them are currently paying high annual premiums while others are hoping to receive reasonable benefits from CLASS Act as their LTCI applications have been declined due to pre-existing conditions.

Women consider long term care insurance an important aspect of their lives because they are much aware that nobody will take care of them in the future but people who demand pay such as skilled caregivers and licensed nurses.

About the author:
Invest on a good long term care insurance before your retirement age. Read more articles on long term care plan at CompleteLongTermCare.com.

Article Source: http://www.Free-Articles-Zone.com.
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Life Insurance Knowledge:Life Insurance , private, death, employee pensions and annuities,life insurance, educational, life insurance companies

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Life Insurance Knowledge:Life Insurance , private, death, employee pensions and annuities,life insurance, educational, life insurance companies

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