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To be ready for the soaring long term care (LTC) costs, people who are currently 65 or older should have secured a long term care ins policy already. Unfortunately, out of the projected 71.5 million elderly folks who will need care between today and 2030, only 10 million can confidently say that they have already come up with a long term care plan. Others are still skeptical and continue to question the need to purchase an insurance policy for long term care because they don’t like the idea of paying for something which they aren’t sure they could use. One more thing that discourages many from purchasing an LTC insurance policy is the fear of facing the foreboded premium hikes which can hinder them from maintaining the annual premiums. It can be recalled that top LTC insurance providers increased LTCI premiums by as much as 40% early this year, right? Current LTC insurance policyholders can only hope that there won’t be another wave of premium rate increase coming in the next 20 years because if this happens, they might end up not continuing the premiums of their policies. It’s a pity that 20 years from now, today’s 65-year-olds will require care due to a chronic illness or a disability, and yet many of them have not done anything to ensure their long term health care coverage. For a private room in a nursing home, one needs to spend around $65,000 a year while in other states it can even amount to $227,000. Health experts say an elderly person’s average stay in a nursing home is two and a half years, but with these rates their resources will dry up before the first year is over. Even home care is getting expensive these days. To afford a home health aide, you should spend $104 to $158 daily, so if you will require this service for two consecutive years that will be equivalent to $75,920 or $115,340. Majority of the elderly folks are not complacent and are actually scared to face tomorrow. They have confessed that their heads are spinning as they have absolutely no idea how to fund their future health care needs. They’ve actually thought about using their personal savings to cover their LTC expenses or to spend down their assets to qualify for Medicaid. Something tells them though that if they will do either of this they will leave their families impoverished. Long Term Care Ins Offers Financial Salvation Fear hinders a person from thinking straight. Without it, you will realize that there are many ways to secure an LTC insurance policy without having to spend a chunk of your savings. If you have more than $80,000 in the bank and you’re still earning every month, you can easily sustain your nest egg so there is nothing to fear. While you’re at it, inquire about long term care ins quotes and weigh everything that will be provided to you. Just a piece of advice: Don’t follow everything that you read online because if you do, you’ll run out of money quicker than you’ve expected. Better talk to your insurance agent or consult your state’s Department of Insurance. Looking for affordable long term care ins? Feel free to visit CompleteLongTermCare.com. Learn ways to minimize your long term care insurance premiums.
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long term care insurance, long term care,
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