As the majority of us approach middle age, one sees our parents are rapidly approaching retirement years. Some need our help, others don't. For adult children who do end up in a position where they must provide some sort of emotional, physical and/or financial support for one or both parents, it is probably way past the point where their parents would be able to even consider purchasing what's called Long Term Care products. For those who like to be proactive, however, you might be wondering exactly what is long term care insurance, and how do we get it?
Long term care insurance is an excellent investment, no matter what age you are when you buy your policy. Unfortunately, too many of us ignore the fact that we are going to get old someday, and we put off anything to do with forcing us to deal with our own mortality. Until it's almost too late.
And so we wait, usually until it's too late. By the time we see that our spouse might be needing some rehab or nursing services, the actual insurance premiums can be prohibitive.
This type of insurance, in actuality, is one of the most reasonably priced types of coverage when it comes to costs vs. Benefits. A policy purchased in your forties, for example, with standard coverage such as nursing homes and rehab (or hospice), will probably be less expensive than your car insurance!
These policies can be virtually custom designed. There are so many options and so many riders that almost everyone can afford at least some level of coverage. It's important to note that long term care isn't always for the sick and elderly. Something as simple as a bad car accident can put that same 30 year old in a rehab facility for a year or more
Different carriers have different types of coverage, different options, and even different health providers. For example, if Uncle John stayed in a particular facility a few years ago and everyone in the family had good things to say about that place, you may want to check out insurance companies that use this facility as a provider.
Most of these policies can provide an incredible amount of financial help when the time comes. With long term facilities averaging over $500 a day, not many regular insurance plans will cover these for more than a few weeks - no matter what.
Long term care insurance is an excellent investment, no matter what age you are when you buy your policy. Unfortunately, too many of us ignore the fact that we are going to get old someday, and we put off anything to do with forcing us to deal with our own mortality. Until it's almost too late.
And so we wait, usually until it's too late. By the time we see that our spouse might be needing some rehab or nursing services, the actual insurance premiums can be prohibitive.
This type of insurance, in actuality, is one of the most reasonably priced types of coverage when it comes to costs vs. Benefits. A policy purchased in your forties, for example, with standard coverage such as nursing homes and rehab (or hospice), will probably be less expensive than your car insurance!
These policies can be virtually custom designed. There are so many options and so many riders that almost everyone can afford at least some level of coverage. It's important to note that long term care isn't always for the sick and elderly. Something as simple as a bad car accident can put that same 30 year old in a rehab facility for a year or more
Different carriers have different types of coverage, different options, and even different health providers. For example, if Uncle John stayed in a particular facility a few years ago and everyone in the family had good things to say about that place, you may want to check out insurance companies that use this facility as a provider.
Most of these policies can provide an incredible amount of financial help when the time comes. With long term facilities averaging over $500 a day, not many regular insurance plans will cover these for more than a few weeks - no matter what.
About the Author:
Before you go out and buy a policy go to LTC Financial Solutions, ask questions and request a long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.
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