Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Watch Your Long Term Care Insurance Benefit Grow

By Kaycee Bishop Subscribe to RSS | February 17th 2012 | Views:

It’s wrong to think that buying a long term care insurance policy is impractical because you can simply save up for your future health care needs. Your long term care insurance benefit amount can double over a period of 15 years to keep pace with inflation but your nest egg will maintain the same amount even when the cost of care shoots up 50%.

Long term care insurance (LTCI) is considered the ideal protection against the high cost of care but it is optional that is why most people don’t have it. This is not inclusive in your regular health insurance which your employer paid for to cover your dental and vision checkups, short-term treatments, and your doctor’s fee. So when you start to lose the ability to perform the basic activities of daily living (ADLs) like eating, bathing, dressing, toilet use, continence, and transferring due to chronic illness, disability or infirmity resulting from old age, you won’t be able to rely on your health insurance.

LTCI policies give people access to expensive long term care (LTC) which is basically an array of services provided to individuals who are either very weak physically or cognitively impaired and thus in need of assistance. LTC is usually associated with older people but the U.S. Department of Health and Human Services says about 40% of the population receiving LTC comes from the 18 to 64 age group.

Some people require LTC for a month, others for a year, then there are those that have been receiving it for almost a decade now. The longer you need it, the more out-of-pocket expenses. This explains why so many people lost their homes and other properties when they started to receive LTC.

Only those who managed to secure an LTCI policy got to spare themselves and their families from the high cost of care.

Nurture Your Long Term Care Insurance Benefit Amount

At present, LTC patients in private nursing home rooms are spending $81,632 annually, on average, while those in assisted living facilities are forking out $3,500 every month for a one-bedroom unit. In-home care recipients, on the other hand, are paying home health aides $19 per hour for assistance in their ADLs.

Individuals who specialize in LTC share that most people require an average of three years for care so without a concrete plan, the ordinary Joe and Jane will end up with nothing left in their wallets and bank accounts after three years.

There are more reasons to buy an LTCI policy than there are reasons not to. If you buy your policy today while you’re young and healthy, you have the option to choose a lower benefit amount to save on the premium and a 5% annual compound inflation protection. Doing so will increase your policy’s maximum benefit amount twofold in less than 15 years. As you continue to maintain the premium of your coverage your benefit amount will double every 15 years.

By the time you’re 80 and you start to require LTC, you’ll be surprised that your long term care insurance benefit amount is far greater than what you initially paid for. Contact a licensed LTCI agent to get complete information about other benefits that you can get out of an LTCI policy.

Kaycee Bishop - About Author:
We can help you make the right choices for your future by giving you free long term care quote from all the major carriers as well as the latest news about CLASS act.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Insurance Articles Subscribe to RSS

Take care with supplemental plans
Published by William Richards on June 2nd 2012 | Insurance
The supplemental Medicare plans are to be chosen in accordance to the financial status of the candid...
Tradesman Tools Insurance to take care of your equipments
Published by Imar Insurance on November 30th 2011 | Insurance
A tradesman's tools are a vital part of his working life. No matter what sort of trade you happen to...
How can Child a Life Insurance help you in the long run
Published by Max York on April 11th 2012 | Insurance
Life insurance plans act as important financial tools in the long run; child insurance plans too are...
Business Accountant Brisbane: Best accountancy services to ensure long-term success
Published by Tommy Jackson on June 19th 2012 | Insurance
If you own an organization or a business firm, you will be aware of the problems you might face if y...
Citibank customer care - Taking care of the customers
Published by Vikas Purohit on July 1st 2012 | Finance
Citibank Customer Care in Gurgaon takes care of all the problems faced by the Citibank account holde...
Budgeting is the best way to stabilize your business in a long run
Published by Tommy Jackson on July 4th 2012 | Insurance
For the business owners and CEOs, the budgeting is one of the most important facet of their business...
Taking care of finances in Debt Settlement
Published by Rajkumar Kaushal on May 19th 2012 | Finance
Debt settlement finance and financial in debt settlement have assisted a lot of people to save detai...
Taking care of debt settlement
Published by Rajkumar Kaushal on May 12th 2012 | Finance
How do you choose good information on debt settlement bankruptcy in debt settlement? This is one que...
Achieve your goals with the long-term Strategic Planning and lead your company on the path of success
Published by Tommy Jackson on July 24th 2012 | Insurance
Once you enter the market with your own business firm, there are issues you need to tackle and probl...
Compare Cheap and Affordable nevada long term care insurance Quotes Online
Published by Kym Dicken on November 30th 2011 | Insurance
Long-term care insurance has become very popular in the United States and many other countries with ...
Medicare is supplemented for special care
Published by William Richards on June 2nd 2012 | Insurance
Medicare supplemental plans include the original plans of the Medicare with an extra benefit and fac...
Motor care warranty Company failure creates worries for consumers
Published by Jack Paul on February 15th 2012 | Insurance
Financial watchdogs are going to investigate the failure of car insurance companies which has brough...