The million-dollar question of all times is why, who and when you require a long-term care insurance. Eventually every person would require a long-term care plan and to safeguard one’s future care arises the need of long-term insurance. How what is this long-term care insurance all about? – The answer lies that it is insurance product highly popular in US, UK and Canada to cover the cost of long term care. It is usually not covered under life insurances or Mediclaim’s. Long term care is opted for people who cannot perform day to day activities as eating, bathing, dressing, walking, and getting in or out of bed/chair. Aging is not a factor while looking for long term care insurances because from surveys it is concluded that more than 40% of the population in the age group of 18-64 are receiving long term care. As it is wisely said “Better safe than sorry”. So, whether you are gearing up for retirement or just want to safeguard your long-term care in near future, start looking for the right long-term insurance for you.
Now, let’s have a look in to the essentials, who’s, when and whys of long term insurance for better decision making.
10 must-knows for your need of long-term insurance:
- Check out the maximum benefit limit which determines the benefits to be received under the policy as most insurance companies do not pay out in lump sum rather in small monthly limits.
- Depending on the insurance company, your monthly limit and maximum benefit is set. These two above factors determine how long will the benefits last. Our agency Maga limited–https://www.magaltc.com/long-term-care-insurance/ can definitely be of help for you.
- Determine a growth rate which will determine how will your benefits grow over a period
- It also comes along with an elimination period which means that it is the amount which pay from yourself before the benefits are received which is set as number of days instead of dollars.
- It should be availed by everyone without making age as a determining factor.
- Hybrid policies are available which combines life insurances with long term care insurances which entitles you and your nominees to receive the benefits at any circumstances. It helps in speed up benefits.
- The best time to buy a long-term care insurance is when you are younger as with age the premium amount increases and limits your coverage of benefits.
- Certain health factors can restrict eligibility for long term care insurances
- Tax savings can be achieved by having a long-term care insurance through health saving accounts, small business deduction etc. Your CA can assist you with this in a better way.
Since now we are aware of everything related to long term care insurance, time for some action. In order to raise a quote, one can do so to Maga limited–https://www.magaltc.com/long-term-care-insurance/ , reputed long-term care insurance agency and long term care planner.
In short, recent changing times have made long term insurance widely common among people of all age groups. Surveys have also come across with the fact that now days with people living longer, securing their future has become equally essential. As compared to so many available medical insurances yet long-term care insurance scores high. So, remember to opt for one when time is right to keep your future out of harm’s way.