Some house buyers would buy a raw house and hire somebody to design it according to their personal style, while there are those that leave the entire layout to their architect. Then there's a car enthusiast who buys cars and sells them secondhand while another modifies his cars and rakes in money at car shows. Even buying insurance long term care designed is done in different ways. Some like to do it independently but there are those that depend on their employer.
Long term care insurance (LTCI) policies can be bought directly from an insurance company, through an insurance broker, a state insurance department, or you can course it through your employer if he is offering group LTCI policies as an employee benefit.
While it is faster to avail a policy from your employer as you don't have to undergo physical examination nor process any papers anymore, employer-sponsored LTCI policies usually come with limited offerings only.
By reviewing recent reports about the long term care (LTC) costs, you will realize that you will need more than the benefits which a group LTCI policy offers. It's so unlike an individual LTCI policy which you can personalize. Many group LTCI policies do not promise extensive LTC coverage, rather just a small percentage of your total LTC expenses.
If you don't have sufficient savings which you can utilize afterwards should your benefits be exhausted, this type of LTCI is not right for you. Better opt for the partnership LTCI program as this will guarantee asset protection should the time come that you will need Medicaid assistance.
Choosing Insurance Long Term Care Costs Protection
Everybody feels the soaring cost of care in the country. As a matter of fact, we're all anticipating LTC facilities to double rates come 2026 as this was the prediction of the LTC industry. This will surely require a big investment from those who are still on the road of planning.
Insurance policies that were purchased 10 years ago will no longer be ideal for new buyers who are expected to acquire LTC services 15 years from now. If you're one of them, consider something that will conform to the foreboded cost of care.
If you insist on purchasing a policy with a three-year coverage period and a maximum benefit of $250,000 you will be caught short by the time you start receiving care in 2026, as rates of LTC services would've shot up by then.
For instance, your family has a predisposition to cancer so you acknowledge that you may be among the 40% who will have to be admitted to a nursing home at some point in your life. That being the case, you have to multiply the current annual rate of a nursing home by the factor of two and the product should be multiplied by two and a half years as this is the average length of stay of an elderly in a nursing home.
Consider the final product for your LTCI policy's maximum benefit, or better yet, you can integrate a 5% compound annual inflation protection into your policy to ensure your total protection in the future.
If you're clueless about how to buy an insurance long term care agents can gather Long term care quote for you. They provide online forms which you only have to fill out and then you'll get results in a jiffy.
A lot of Americans will surely need help with their failing health in the future; thus, long term care planning is a must these days. If you are hitting retirement or you simply want to protect yourself and your family's welfare, it would be best to secure a long term care quote.
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