Selecting a policy
When it comes to long term care, deciding upon a policy that best suits you may seem “easier said than done”. As many individuals struggle to understand both the facts and costs associated with long term care the whole process cans seem overwhelming. Long term care insurance can be beneficial in shouldering even those with “ample” retirement plans, from the high expenses of long term care. Long term care serves as a lifeline to many who now require daily assistance in bathing, getting dressed and preparing meals. For many, this sudden need can come upon unexpected and as of right now long term care is averaging at a price of $80,000/year. Most people can’t afford an unexpected $80,000 a year even with a retirement plan.
Expenses on the Rise
Avoiding enrollment into a long term care insurance plan can also cause your expenses to rise. The older you become and the more your health declines, the more expensive the premium you will pay can become . A cheaper alternative is short term care insurance however, you will be receive much less coverage with this type of plan . For example you may receive a year of assisted living but no coverage beyond that for more specified care like memory care or at home care. There also exists a combination of life insurance and long term care insurance known as hybrid insurance. This is a great option for those who have the means to put down a lump sum payment. Even though this type of insurance can require a large upfront payments it also has many benefits. For example, you may have to pay an upfront fee that could cost around $70,000, but you will never face any rising premiums as possible in traditional LTC. Additionally, a hybrid plan may also offer the option to leave remaining fund to a selected beneficiary given you don’t end up needing the money for long term care.
Prepare for the Future
Whether you are able to pay for Hybrid, or you want to earn interest on your money there are countless policies that can be structure to your benefit. The most important thing is you choose an affordable policy for you, that will benefit you and your family in the long run. Insurance can be costly, but you are preparing for you and your loved ones potential needs. The sooner you invest in your policy the better. You never want to end up in a financial bind, with no way out. You can’t rely on just your savings or a retirement plan. The prices of long term care are expensive and there is no way to predict whether they will rise. Be smart about your future by investing in it long term.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.