Even if you have a million dollars in your savings account right now, there is no guarantee that you would get to keep all this money in the future. As the costs for LTC policies and services continue to rise, some are left without a dime trying to cover the expenses for these needs.
One of the steps that you can take now is to get LTC insurance. This way, you can be assured that all of your long term care needs would be met without having to exhaust all of your savings and other assets. You can still lead a comfortable life with your loved ones without having to worry about the financial aspects of long term care.
In a recent study conducted by one of the largest insurance companies in the market, the cost for nursing home care is climbing due to the increase in demand for this LTC service.
It would cost an average of $222 daily or $81,030 yearly for a private room in a nursing facility. While for a semiprivate room, it would be an average yearly cost of $73,000 or around $200 a day. This may be $22 less, but the charges are still expensive.
In a survey conducted by the AARP, respondents of the survey, aged 50 years old and up, are not that keen in getting themselves into a nursing home institution. But despite this disinterest, most of them do pay for these services. This is also a reason why LTC insurance is very much important.
If you customize your LTCI policy, you are assured of getting the best quality care. At the same time, you don’t have to rely on your family or loved ones for help and be a burden to them physically or financially.
You can start by having your current health condition checked. You can go to your family doctor and have them make a thorough examination. They can provide you with helpful insights on what LTC needs you would require in the future based on the results of the exams and also after checking your family’s medical background.
After getting the information you need, you can now contact or meet with a licensed insurance agent. You can supply them with your medical records and ask them for computations and inquire the coverage that would suit your future LTC needs. You can request for quotes that would help you decide which policy to get.
The area in which you live in can greatly affect the costs of long term care. LTC costs are high in densely populated areas than in less populated places. Also keep in mind the effects of inflation in your LTC insurance. In 20 to 30 years’ time, your policy might not be a competitive or as comprehensive as inflation has eaten up and decreased its value.
Long term care insurance does not just assist the policy holder but also their families as well. Some policies even offer spousal coverage with premium discounts and promos.