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Quick access to Long Term Insurance in 60 seconds

Quick access to Long Term Insurance in 60 seconds

Very few people like to know about long term care, thinking that it is loaded with complex intricacies. However, this is not the fact! Understanding about long term care can be easy if done in a systematic manner. This article gives you a quick access to long term care and makes you understand it within 60 seconds only. Know when you may have need for long term care, what will you do if you need it, the expenses on long term care and also about long term care insurance policies through this article.

Many of us are aware of the fact that there are some simple small numbers of people, who collect and evaluate statistics in order to compute insurance stakes and premiums and therefore show curiosity in insurance. However hardly any people, even these actuaries show interest to ponder about long term care, because they think that it consists of lots of convoluted issues and details. However the facts and all particulars about long term care are not as complicated as it seems from the surface region. If they are discussed in an easy and comprehensive way then any people, including the actuaries would develop curiosity towards it. So that is why such an approach is taken to make you understand about long term care in between 60 seconds only! So take out a minute out in your hand to go through the following in order to have quick access to long term care.

You may have the need of long term care (0-15 Seconds)

Time and age doesn't wait for anyone. So one day you will also grow old and may also face terrible diseases like the Alzheimer's disease, Parkinson's diseases, major heart troubles and strokes, any injury or sickness, which may turn you absolutely helpless. However these diseases may occur to you at an early age also. In that case you may have no help available to you, from which you can receive care from. Generally many of us do not want to imagine about such a dreadful condition but, in fact it may turn into a reality unless you are able to counter it by taking some essential steps. Here in comes the need for long term care. For each and every person who is above the age of 65 years, for them the probability of adopting long term care is about 68%. However the fact is that many people often feel the requirement for long term care at an early age also. It has been reported as per surveys that were conducted so far that about 37% people who are below the age of 65 years, requires long term care.

What do you do if you feel the requirement for long term care? (16-30 seconds)

You must keep in mind that if you haven't thought seriously about long term care earlier, and now require long term care services, then you will need to spend money out of your own pocket for getting such services. In case you are in a poverty status and if, your poor status has been legally announced; then you may become eligible for enrolling for Medicaid, which may meet a part of the expenses for availing nursing home care services. But remember, that you will be able to get only a portion of the coverage for getting long term care services and that too for a temporary period (usually it is for below than 100 days). Ultimately at the end of the day, you will be required to pay the remaining amount of the bill from your savings only, i.e. you have to shell out your own money in either case.

The Bill for Long Term Care services will usually turn out to be as outstanding and much expensive (31-45 seconds)

There is no doubt about the fact that long term care becomes too costly for the pocket of people. The regular expenses for nursing home stays are at present more than $70,000 for every year. The Genworth Financial 2006 Cost of Care Survey that was conducted in this regard has speculated that the expenses for nursing home stays will soar up to a yearly sum of $190,600, by the year 2030. However in case you reside in New York, then you will experience this speculated cost at present only. So if such a price exists alone in New York at present, then one can now clearly imagine to what extent it will grow in the mere future for the rest of the regions of the United States. The American Council of Life Insurers have analyzed that the average expense for home care services has increased to an hourly sum of $32.50 at present. Based on this analysis, the Genworth Financial 2006 Cost of Care Survey has estimated that if this cost of home care services are considered for an entire month, then it would result in the flow of thousands of money from a person's savings.

There are many people who require care for 24 hours a day. This is generally a troublesome liability that the person's family members and friends are not able to put up with. Even if you would have required care for 24 hours a day, then you will also not want that your friends and relatives face such a quandary.

Owning a long term care insurance policy can be pocket friendly (46-60 seconds)

We generally do not want to empty our savings for the purpose of getting long term care services. However there is a good substitute to this. Why not opt for a long term care insurance policy? It will cut down your expenses greatly for getting long term care. However it would be wise to inform that such an insurance policy is not suitable for all people. You may not be entitled to receive long term care insurance, in case you are found to have a serious health disorder from an early period of time. In case you have retired from work and possess financial resources below the amount of $70,000, then it would be better if you do not go for purchasing a long term care insurance policy. You will be able to pay for long term care from your expenses only although with a bit difficulty. In this case buying long term care insurance will not serve you any extra benefits, but instead of that it may extract more amount of money out of your pocket.

A suggestion

So now you have understood the basic issues about long term care in about 60 seconds only. Now you may think that understanding about long term care is not that much hard! Isn't? But however there is a suggestion. Although you have known many things about long term care, but remember that this is just an overall explanation about it. It helps you to have a quick access to long term care when you are running short of time in your hand. Actually, there are many deeper issues about long term care which are yet to be known by you and which are beyond the scope of this article. When you set out to purchase a long term care insurance policy, then you will need to spend a lot of time in thinking that what type of insurance will suite your requirements. There are various offers and benefits that are provided by many long term care insurance policies. So you will need to think much carefully before choosing anyone so that it caters your requirements. However this article has more or less informed you about long term care. You may now be capable of making up your mind that whether you desire to get more information and facts about long term care or not.

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