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The requirement of Long Term Care Insurance in your life

The requirement of Long Term Care Insurance in your life

Long term care insurance is now considered as a part of human life that is much required for every people's safe survival. This article helps in pointing out the various reasons for which a person should go for purchasing long term care insurance policy. It also gives an account of the different long term care expenses that are incurred at present and what will it amount to in the future. Plus, it must be remembered that long term care insurance is not meant for all. This article also explains you the reason about why it is unsuitable for some kinds of people. It contains facts compiled from major surveys, which ultimately enables you to think that whether long term care insurance is for you or not!

A long term care insurance policy is in fact one of the prime necessities of human life. Depending on the escalating growth of expenses in the healthcare market and because of the extreme necessity of long term care services, the availability of such a policy minimizes many of the possible troubles and sufferings.

In case you are above the age of 50 years and anticipate having properties and fiscal resources worth of $70,000 or above with you at the time of your retirement, then you generally would require to purchase a long term care insurance. This is because the way the costs of long term care are escalating, it would be very hard to afford them singlehandedly by a person in the days to come. Moreover there is no fixed time period in which one will have the need for long term care. Although it is generally required by a person who is above 65 years of age but many people may have the need of long term care even at a very young age. So everyone should make a proper planning about long term care beforehand before it's too late.

But it can also be said that there are many people who are self-sufficient to face long term care and compensate its expenses anytime they face it. So for them buying a long term care insurance will not provide any such added advantages. So if you are not so much sure about encountering long term care so confidently, then better purchase a long term care insurance policy.

Some of the probable estimates of the expenses that can be charged for nursing home stay

Before determining the need of long term care insurance in your life, it will be wise enough to estimate the total costs that you may encounter for getting long term care, when you are devoid of the coverage by any such insurance policy. At present, if you avail care services in the nursing home then the average expenses of the services may amount to a yearly payment of $70,800. Depending on this calculation The Genworth Financial 2006 Cost of Care Survey has estimated that by the year 2030, the nursing home facility can charge you a yearly sum of $190,600 in return of the care services provided to you there. If we consider nursing home staying for a period of 2.6 years, then by the year 2030, the nursing home care services will charge you a net amount of $495,560 approximately. The American Council of Life Insurers has also estimated that by the year 2060, the nursing home bill will soar up to an average yearly amount of $250,000.

Several reasons that enable you think about why you should go for a long term care insurance policy?

You will have to bear one thing in your mind that your chances for the requirement of long term care are extreme in any case. No one can forecast that what will be the health condition of a person, by the time he/she reaches 65 years of age or above. Many of the residents of the country are found to develop physical incapability and abnormality in the middle as well as in their later ages. So in case you have attained the age of 65 years or above than that, then the possibility of being disable is also greater. You may become incapable of performing a number of activities which are required for sustaining your daily life. These activities includes eating, bathing, going to toilet, dressing up and similar others. So if in any case your health condition is announced by your doctors as a case of cognitive impairment, then your chances of getting coverage from long term care insurance is also higher. Hardly any other sort of insurance provides benefits for such health disorders excepting the long term care insurance policy.

Although as per different surveys, it has been proved that people living in the United States have a greater span of life than the residents living in other countries, but still it must be kept in mind that the survey didn't proved that they are leading a long life being absolutely fit and healthy. Doctors and medical researchers have inferred that cognitive impairment cases are increasing in a stupendous manner in the recent years as compared with the past years. Most of the people of the age group of 65 years or above are found to be attacked by such health injuries, thus making them partially immobilized and incapable of performing various activities of their daily life. On the other hand they have also remarked that the occurrence and frequency of progress of physical disability cases have remained more or less the same, when compared with that of the past.

As per the present scenario, about 22% people who have crossed the age limit of 85 years are found to stay in nursing homes for the requirement of long term care, whereas the remaining people of this age group are found to need help or any kind of long term care but not by staying in any nursing home or other facility. All of us wish that a person doesn't have to shake hands with long term care at any age, but that doesn't means that one should sit idle thinking this. It is very much important to plan something in advance, so that you can successfully counter long term care when you face it. Advance arrangement and adoption of counter measures will help you to nullify or minimize the destructive consequences of long term care up to an extent.

Long term care insurance policy is not meant for all types of people

From the above discussions it can be seen that purchasing a long term care insurance policy will be a prudent decision in case a person wishes to counter all the disastrous effects of long term care. However it is for the general people. There are specific sections of people for whom purchasing such an insurance policy will not serve the required purpose and will thus be absolutely inappropriate for them. Buying long term care insurance requires careful planning and thinking. One's health condition, monthly/yearly earnings and the total properties that he/she posses are some of the guiding factors, that helps in determining that whether a person should go for purchasing a long term care insurance policy or not. For those people who have retired (or planning to retire) and have properties that may amount to a sum less than $70,000 (excluding the house you reside and the car you own) should not go for buying a long term care insurance policy.

However, if you get your core income from the Social Security payments, then also you need not go for buying such insurance. Remember, that this is a word of advice and not a stringent rule that you have to follow. In addition to this it also must be kept in mind that $70,000 in Omaha has a different value than the sum of $70,000 in Manhattan. The health condition, family requirements, and income levels of the people of these two regions varies up to a great extent. Similar conditions prevail in other states and regions of the United States also. Plus, when you set out for buying a long term care insurance policy, then check out the premiums you have to pay. Go only for that one, whose premiums you can afford easily. Make sure that if the rates of premiums are raised by even by 25% at any point of time, then also it should not affect your standard of living. In case you see that you will have to compromise with the most required expenses in your everyday life in order to pay the premiums of the insurance conveniently, then it is better not to go for such insurance policies.

However, if you are planning to save your properties and financial resources and not spend them for getting long term care services, then you can choose to purchase the long term care insurance. It will provide you long term care benefits and as well as protect your possessions from getting exhausted for availing such care.

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