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What You Need to Know About Long Term Care Insurance Plans
Long term care insurance policies have been around for quite some time now but it is only gaining popularity nowadays. Thanks to the unending efforts and initiatives that the government and the insurance industry have created to make more people aware of its importance and necessity in their lives, especially during their retirement years.
There are almost 10 million Americans, baby boomers included, who are now safely secured of a better future due to owning an LTC policy. They do not have to worry anymore regarding the costs and services that they might need should they experience difficulty in performing or doing simple daily tasks on their own, or if they catch illnesses or disease, just like Alzheimer's.
For those who are still unaware, LTC policies provide services and facilities that cater to the LTC needs of the policy owners. These services, that are usually given or received during the retirement years of an individual when he is weak and is dependent on other, aim to lessen the burden of old age and other illnesses that a person may have. Some of these include the rehabilitation and therapy of an individual with assistance from some licensed medical professionals, nursing homes and adult day care facilities where the policy owners can be confined or stay during their policy benefits' validity. The use of other medical equipment and facilities that may be essential for the other LTC needs of the plan owners are also being offered with the LTC policies that are available right now. These services and resources are of course done and facilitated with the help of doctors and skilled caregivers.
Not all of us may be aware that long term care insurance policies are not only for those who are nearing their retirement age, but also for those who are young, have stable financial resources or income, and who are still healthy and free from any major health problems and issues.
In fact, most studies show that the ideal age for someone to purchase an LTC plan is when he is still young because age plays a major part in determining the prices and other rates that come with the policy. Also, the levels of inflation protection, which is considered as the most important and most beneficial of all LTC features, are also based on the age of the person when he actually bought his policy.
For the policies bought at age 60 and below, a simple or compound inflation protection may be given to the policy owner. However, when the plan was bought when the person is 76 years old and above, there is no need to provide inflation protection but the insurance provider may still opt to offer it to the applicant or insured individual.
Other factors that are considered in obtaining the actual rates of a long term care insurance policy's monthly premium include the present health status of the individual, his family's medical background, and the exact location in a state where he plans to stay while receiving his policy benefits.