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Wednesday, December 3, 2014

Find the Right Long Term Care Insurance Provider

Long term care (LTC) is valuable to people who are not able to live independently due to an inborn condition, recovering from a serious injury, chronic disease, or old age. Long term care insurance (LTCI) companies understand this need and that’s why they want to provide the ideal plans and services for their clients.

However, many have the same dilemma of deciding which insurance provider to choose and how to get the right LTCI policy.

The First Step Involves Learning

Everyone interested can get a long term care insurance policy. However, it is highly recommended for people with chronic diseases to purchase a policy.

On the other hand, if you have a good family health history and you are physically healthy based from your recent physical health examination, you can still benefit from owning LTCI by securing your future.

If your current health condition is good and you have stable financial resources, it is still good to assess your future healthcare needs. By doing this, you will have an idea of what LTCI plan you may need.

Ask other policyholders covered by different insurance providers about their policies. Ask for honest feedbacks and suggestions about getting a policy.

Search online insurance raters such as A.M. Best and Moody’s, to check which companies are in the industry for a long time and have good feedback from clients.

Why Buy a Policy from LTCI Providers?

Even though people have seen how LTCI has helped many Americans get over the expenses involved with long term care, many still ask, why should they get a policy from LTCI providers?

Here are answers why buying a policy from insurers makes sense:
1.       Long term care is expensive
The rate of health care per month is around $3,000 to $4,500. Annually, that’s roughly around $55,000. That amount does not include other expenditures like medication and use of facilities.
Buying health insurance early can save you thirty percent from what you would be spending for health care.
That’s nearly forty percent savings which would leave you a total of $22,000 annually. Comparing the figures, it’s obvious that you’ll be saving more with LTCI.

2.       A person who needs care can be a burden to the family
Getting LTCI, not only protects you from the high costs of care, it also keeps your family and friends lifted of the burden of having to shoulder the expenses.
Aside from being a financial burden, a person needing care can also be a burden to the family’s personal time.

3.       Nearly everyone will need LTC in late adulthood
Almost 70% of people turning age 65 will need long-term care at some point in their lives, according to
All of us might need long term care during our late adulthood and some people in that age find it difficult to admit that there are times they need help.
You can avoid certain financial errors in the future by investing in a LTCI policy. You need to consider that the costs of care today will double in 20 to 30 years. You may not be worried by the costs of care today, but you have to be prepared in your late adulthood, when you are most likely to need it.

Aimed to Provide Your Needs
LTCI providers work hard to give you the best offer and come up with solutions to your needs, while meeting your budget.

Insurers know how they can work out things so everyone can afford their premiums. Seeking consultation with different insurance agents will also help.

Even if you are financially stable, you may still want to get a low premium. Everyone wants to save money. You can do this by getting long term care insurance quotes.

Ask LTCI quotes from your prospective insurance providers. Before insurance agents can give you quotes, they need your personal information first.

Make sure that everything you write down is true, especially with your health history and budget. Once you have collected the quotes, take time to study each quote and find the one that best answers your need and suits your budget.

You need to review the terms of the quotes because you do not want to miss out on important details. Once you have made your choice, contact your insurance agent and let them know that you are ready to buy the policy.

Before signing the policy, you will be guided by an insurance agent to read, review and clarify some terms when it is unclear to him/her. This is to avoid future problems or issues in the future.