Many people still find it difficult to decide if they need long term care insurance or not. Although, long term care insurance provides more extensive coverage than government funded long term care insurance, still people are thinking twice. Possibly, because they do not understand how important long term care is and the topic about needing nursing home or home health care assistance is not something people enjoy talking about.
Long Term Care Facts
But, if you will look at the reality, seventy percent of people age 65 and older will need some type of long term care during their lifetime and this is not something that should be ignored. That is why it is important to plan ahead and you can start by requesting for a free quote online.
Requesting For Free Quotes
Long term care quotes are offered by different insurance companies that specialize in LTCi products. It is part of their advertising strategy. By requesting your free quote online, you can compare prices from different insurance providers. You can also plan ahead and check if long term care insurance can fit in your budget.
How To Compare Policies
To help you decide, go to different websites offering LTCi and request for free quote. Put side by side each plan’s premium, benefit period and elimination period. The premium refers to how much you need to pay each month or year. The benefit period, on the other hand, is the minimum amount of time the policy will last.
Moreover, look for the maximum daily, weekly or monthly benefit. The elimination period is the duration of time you will need to pay for covered services before the coverage kicks in. A 90-day elimination period means that once you’re approved to use the policy, you will pay for care for 90 days before the plan begins to pay benefits. You also need to determine how much you can afford for long-term care insurance, and generally how much coverage you’d like to buy.
Once you obtained your long term care estimate and you have compared all these factors, you can now decide what insurance company you will sign up to. When you choose a product, make sure that you choose the plan that makes the most sense for you. That is the reason it is important to answer all questions in the free quote application request tool honestly. You also need to provide your medical history.
Truly, long term care insurance products are expensive. However, you need long term care insurance because it will protect you and your family from financial burden. Remember that long term care costs are rising each year. If you will not plan now, then expect to pay long term care costs out of your own pocket or out of from your own savings account. The question is, where do you want to use your lifetime savings? Do you work all your life so that you can retire happily or retire with debts? If you want to retire worry free then plan for long term care now.