Long Term Care Insurance, Best Asset Protection Long Term Care Insurance, Best Asset Protection
Nobody is forced to buy a long term care policies designed for nursing home care because nowadays long term care insurance (LTCI) buyers have an array of options.
Private insurance companies that offer LTCI policies understand what most people need and that is the freedom to stay with their families for as long as they want. To address that need, these companies made comprehensive LTCI policies available so that the public have the option to receive care in the confines of their homes and,, perhaps, later in an institutional or community-based long term care (LTC) facility.
Insurance companies are aware that 90% of the country’s senior folks aged 60 and older prefer to receive LTC at home in case they would need this kind of service in the future. Only about 2% welcome the idea of being placed in a nursing home.
In-home care is considered a better form of LTC by most Americans because it allows the frail elderly and disabled individual to maintain independence even as they receive assistance with their activities of daily living (ADL) such as eating, bathing, dressing, use of the toilet, continence, and transferring to the bed from a chair or the other way around.
It is important to note, though, that in-home care does not guarantee lesser LTC lesser expenses so anyone who wishes to acquire home care someday will still have to come up with his personal LTC plan.
Buy a Long Term Care Policies for Financial Freedom
If you’re dead serious about avoiding nursing home care, you have to start planning for your in-home care and make sure you plan it efficiently.
With an indemnity LTCI policy you can have your home improved or modified so that you can age in place comfortably. You can use your insurance benefits to have communication devices, medical equipment, support hand grips, wheelchair ramp, and additional handrails among others installed to your home.
LTCI policies, regardless if they are indemnity or reimbursement, if purchased earlier will not require a chunk of your earnings. Many people think the annual premium of a potential LTCI policy will cost them their monthly income. Perhaps this is true for those who bought their polices at the age of 70 or 75, but 40-something LTCI policyholders can attest to the fact that you can secure a policy which will cost less than a thousand dollars annually.
Many elderly folks moving towards the age of 65 are excited about the life that awaits them after retirement as they’ll finally get to pursue interesting things which they’ve been putting off for so long to avoid disruption at work. What they’re not thrilled about is the possibility of acquiring functional limitations due to old age or a chronic illness which they might develop one day because they are not ready for the cost of care.
To avoid falling into the same predicament, plan your future health care needs while you’re still young, healthy and your job lets you take home a hefty paycheck every month. Those who would buy a long term care policies can look forward to a future that is totally free from all kind of financial worries.
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