Wednesday, May 11, 2011

Long-Term Care Insurance - Purchase Young and Save!

Often people think that long-term care insurance is for people who are old. But this is just a myth. People of every age group are nowadays buying insurance for long-term health care. This kind of insurance is very important as we start growing old. Some people might find that insurance for long-term care insurance is expensive which is true in most cases but the most important thing is that by getting ensured they have taken care of their most important asset i.e. health and welfare. Some of the youngsters who are taking care of their old parents understand the importance of this kind of insurance.
It is better to get insured and not to be a burden on anyone. Apart from this the most important thing that is considered while applying for long-term care insurance is the age of the applicant. Less age means less premium amount. So the earlier you apply the lower you have to pay to secure your old age. Some people also think that will they will have to pay for a longer period of time if they take insurance early in their life. But one thing should be kept in mind while deciding this that the need for insurance may not necessarily be realized in the old age only.

Insurance can come handy at any time. Everybody should remember that insurance is one such thing that we don’t get when we require it the most. So buy it when you are young in a good health. You will not only get discounts but also secure your future too. Anybody can meet an accident or become a victim of a long and serious illness. The best way to do away with your hefty medical bills and health care services for long-term is to get a long-term care policy today itself. Be sure to take this insurance from a good and reputed insurance company so that the company is in existence when you are filing your claims as it can be after many years at you might need to claim your policy. Taking insurance from a trusted company also ensures that when you file for your claims they are paid on time. The premium for long-term health care insurance depends primarily on three factors i.e. your age at the time of applying for insurance, the condition of your health and the place where you reside.

At the time of applying for insurance if your age is less, the premium will be less. If you have a track record of good health the insurers may give you a discount on premium till at least 10%. Once the annual premium is decided it doesn’t get changed whatever the condition of your health is afterwards. Always buy insurance from a reputed insurer.

The price of long term care will depend from state to state. The length of coverage depends on the preference of the applicant. Normally one opts for 2.5 years if they plan on staying in a nursing facility. Many people also opt for lifetime coverage. There is also one factor known as the elimination period in your policy. In some of the companies it is also known as deductible. If the elimination period is long then the premium will also be low. To save your premium cost one can also opt for a longter elimination period.

1 comment:

  1. I feel shame but I thought that long-term care insurance is for people who are old too. Now I understood that It`s really myth. Now when I am young I don’t think about time when I will be old but it`s not right. I don’t save money for future and sometimes spend it in silly way. Once I spend almost all my salary on clothes so I had to use online service to get urgent money help to make ends meet in the end of the month. This situation scared me and I decided that I have to be savvy and spend money wisely to avoid more serious financial problems in life. This article made me to think about the future.