Who Needs
Author: admin
Anyone Who Needs a Long Term Care Quote?
To be able to identify who needs to take a look at a
long term care quotes
, we have to first come up with a random list of individuals who don’t have to consider it and here they are:
• Alcoholics and drug addicts
• Individuals who sustained fractures from brawls
• Individuals with a monthly income below poverty level
• Victims of attempted suicide
The fifth on the list should be individuals diagnosed with a chronic illness, as most insurance firms decline long term care insurance (LTCI) policy applicants who manifest symptoms of a serious health condition. However true, research shows that there are companies that approve these individuals in exchange for a higher annual premium.
Despite the high cost of LTCI premiums, many elderly people would prefer this rather than take their chances with the instability of long term care (LTC) costs.
Majority of the elderly population between the ages of 65 and 74 are much aware that prices of private nursing home rooms will double in 2026 so if one gets confined here, she should put aside at least $155,490 annually. If her health condition would require her to spend three years in this facility her total LTC expenses can amount to $466,470!
Just imagine how fast these figures can dwindle down one’s savings and accumulated assets and thus explaining why the much older population has no qualms shelling out $11,000 to $12,000 yearly for LTCI premiums.
If you’re below 60, however, you can spare yourself from the ordeal that 65-year-olds and 70-somethings are currently facing in line with LTCI premiums. To ensure the expenses of their health and custodial care shall be fully covered someday, they have nothing else in mind but their annual premiums lest they pay LTC expenses out-of-pocket and be impoverished in the long run.
Planning your long term care early on in life will save you from this trouble. Your retirement years, after all, should be spent doing the things that you enjoy and not thinking about where to get money to pay a home health aide or a nurse.
When Should I Consider a Long Term Care Quote?
Based on the official records of the American Association for Long-Term Care Insurance, the age of LTCI policy buyers has increased. The population of young buyers between 55 and 64 had dropped from 84% in 2008 to 80.7% in 2010.
Majority of the new LTCI policies that were purchased stipulate a maximum benefit period of four years or less as opposed to the five-year, or unlimited benefit period, which was the preference of LTCI policy buyers back in the 90s.
Perhaps the period of unemployment, recession and recover y triggered many Americans to tighten their belts and find options to pull down their annual premiums.
Good thing that the country’s economy is starting to look up again thanks to the drop of unemployment. Hopefully, people will start getting back their homes and looking for a long term care quote to ensure the continuous stability of their lives.
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