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Long term care insurance is a very common term in Washington nowadays as most people here are either buying it or thinking of buying one to hedge the high cost of care. It is not wise, however, to jump at the first policy that is offered to you, as each company that sells Washington long term care insurance has its own unique underwriting. There is no doubting the efficacy of a long term care insurance (LTCI) policy as it happens to be the only product which guarantees access to quality care and financial protection. No wonder many people are considering it but only few of them have actually purchased a policy because the majority of Americans are scared that they might not be able to maintain the annual premium. It’s true that in the past there have been cases of lapsed LTCI policies due to the failure of maintaining the annual premiums. However prevalent, this should not be a reason to discourage people from clinching their personalized LTCI policy. Always heed the advice of the experts which is to identify your health care needs first before buying a policy. One more thing that you should not ignore is the fine print of a potential LTCI policy as this usually contains the allowable benefit triggers. If you are a resident of Washington, you have to be more agitated with the state’s cost of long term care (LTC) rather than the price of an LTCI policy as the former is increasing at a speedy rate. Washington Long Term Care Insurance vs. Long Term Care Costs According to Genworth Financial’s 2011 Cost of Care Survey, Washingtonians with family members in nursing homes have to fork out $85,712 annually for a private room. Semi-private rooms, on the other hand, cost $220 per day or $81,843 per annum. Meanwhile, the monthly rate of an assisted living facility in Washington is $4,000, on average, but in the Seattle area people pay as much as $4,250 for a one-bedroom facility. After a year of paying for a loved one’s LTC needs out-of-pocket, that’s when these residents will notice how their nest egg has dwindled so fast. Avoid being a burden to the ones you love by starting a good plan that will ensure you of the best LTC services someday while protecting your assets. Invest in a comprehensive LTCI policy which will provide you with full or partial LTC coverage. Your objective in purchasing a policy is, after all, to avoid paying the total expenses that you could possibly incur in a nursing home, assisted living facility, or at home. Get long term care quotes . What’s paying an annual premium worth $1,500 or $1,700 if the total benefits that you could receive someday would amount to $500,000 given the rate of inflation protection that is provided by your policy? Except for the air we breathe, there is no other free item in this world that is better than one which is paid for. Leave Medicaid to the poor and take time to study a Washington long term care insurance policy with a licensed LTCI representative in your area.
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