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Why Shoud I Buy a Long Term Care Insurance ?
Long term care is a type of insurance policy which covers the expenses of custodial care for a person after his retirement.
A recent study by the U.S. Department of Health and Human Services estimates that by 2020 there will be 12 million Americans requiring long-term care and it will come at a high price. The average cost for nursing homes hovers around $74,000 a year and is expected to go on rising.
Only a few people are able to afford such expenses. And the government is unlikely to bare these sums. The only obvious answer is long-term-care insurance, a disability plan that has been around since the mid-1980s.
Benefits of having a LTC Policy
- You can protect the assests from being entirely eaten up by care expenses.
- Instead of paying the expenses from your pocket, they can be covered by a LTC policy.
- Apart from the few expenses covered by Medicare and Medicaid, all the remaining expenses will be covered by a LTC Policy.
- LTC also covers cooking, cleaning or in-home nursing, on-going health problems such as Parkinson's disease or Alzheimer's.
When Should I Buy It -
The price of a policy depends on the services it covers and how many years it spans. The younger you are when you apply, the better rate you're likely to get. We suggests signing up in your 50s; when you hit 60 the rates tend to go up.
Disclaimer: The above provided information is for general guidance only. It is not intended as, nor should it be taken to be, legal, financial or other professional advice for your situation.
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