Does My Loved One Need Long Term Care Insurance?
If you are concerned about an individual growing older, such as a parent, long term care insurance can provide a lot of benefits in addition to your peace of mind. Long term care insurance, when purchased at the right time, can safeguard against the skyrocketing costs of a long term care event. Long term care insurance gives individuals the financial security that they will not be destroyed by the need for long term care. The policy will activate after an initial waiting period, providing critical support so that the impacted individual can focus on recovery.
One important thing to realize about long term care insurance is that individuals beyond a certain age are not able to get coverage at all. This depends on the carrier, but most insurance companies will not provide LTC coverage to those above age 84. Some companies have set their cap even earlier, such as 79 or 75 years of age.
These cutoffs are not the only reason you should get LTC insurance when you’re young and healthy (ideally, in your 40’s or 50s, if not younger). Your premiums can be extremely expensive or you can be denied coverage altogether if you have extreme health issues, so the longer you wait, the higher the risk that you’ll have a medical condition making coverage hard to access.
The myth that LTC insurance is only for older people is simply not true. Younger individuals can-and do- become victims of accidents that require long term care protection. Some of the youngest individuals to make use of an LTC policy are individuals in their 20s.
The reality is that LTC insurance can be an important, but not the only, component, in planning for long term care. If you have questions about planning for LTC or what to do if your loved one is not able to get insurance, you need to consult with a Medicaid planning and elder law specialist today
Quick answer: Definitely!
ReplyDeleteWhy?
Simply because getting an insurance for long term care is a smart move if you want to be sure that you’re taken care of in the future.
Though there are risks mentioned in www.ltcoptions.com/learn-the-basics/how-can-you-pay-for-long-term-care/long-term-care-insurance, such as you might not need it or even use it at all.Well, just think about it this way, an insurance policy acts as a safety net for your assets should an UNLIKELY incident happen.
In addition, people are now living longer, and that makes us all at risks of needing long term care. So i'd say, to be safe the best decision here is to get insured even if you might not use it THAN not have it and end up needing it when its already too late to get one.
Yes You are Right i agree with you
DeleteYes You are Right
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