A sound long term care plan includes a comprehensive long term care insurance policy. However ideal this may seem, most people still shy away from the idea of buying this insurance plan. Why? Because they’re intimidated with its supposedly high premiums. This is where the majority gets it wrong.

1. A sound long term care plan includes a comprehensive long term care insurance policy. However ideal this may seem,
most people still shy away from the idea of buying this insurance plan. Why? Because they’re intimidated with its
supposedly high premiums. This is where the majority gets it wrong.
Long term care insurance premiums are not always high and unaffordable. In fact, its price can even work in harmony with
your budget. How much your plan will cost will be dependent on how you fare with the following factors.
Insurance and finance experts have repeatedly advised that if you’re intending to buy long term care coverage, do it at a
young age—ideally, during your 50s. The younger you buy, the lower your annual premiums will be.
If you decide to buy at a later age, say, during your 60s, chances are you’ll pay for a higher rate. As you get older,
remember your health gradually becomes frail. If you’re already of age when you bought the policy, it’s likely that you’ll
claim your benefits sooner.
In order to be a policyholder, it’s important to remember that you need to health-qualify. If you’re healthy and doesn’t
suffer from any sort of medical condition, then you’ll not have a problem being eligible. In fact, you are even entitled to a
10% discount off your premiums just because your health is in good shape when you acquired your long term care
insurance policy.
On the other hand, if a medical condition prompted you to get a hold of this plan, then there are two possibilities that you
need to face. First, your application can be accepted and your current condition can still be covered, however, you’ll need
to pay more in terms of premiums. Or worse comes to worst, your application will altogether be declined. If you don’t
want to be hassled by any of these situations, then by all means, get started on buying an insurance plan as early as you
can.
How much your policy will cover is a top determining factor of your premiums. This includes the life of your policy—which
can last for a specific number of years or for as long as you are living, the maximum benefit it will pay off and which type
of care setting it will cover.
In order to have an idea as to how extensive your coverage should be, you must first have a clear idea of what your needs
are. Of course, nobody knows what will happen in the future but that doesn’t mean that you can’t prepare for it by having
an assessment.
Consult with your doctor and ask him to evaluate the future state of your health based on your current lifestyle, habits
and medical condition if there is any. This way, you will know if you are likely to develop a chronic or cognitive illness or
not.
After your physician accomplished an estimate, you can start checking the cost of care in the state where you will be
receiving care. Afterwards, you can start requesting for insurance quotes to help you compare different policy rates and
see which of them matches your requirements.
Being clear on these three areas can essentially help you in deciding which long term care insurance policy to buy. When
you understand them clearly, you will not be easily swayed by hear-says and sales talk.
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