Long Term Care Insurance Could Be One Of The Best Investments
As the majority of us approach middle age, we find that our parents are in short order approaching senior years.Some need our help, others dont. For adult children whodo find themselves in a position where they must providesome sort of emotional, physical and/or financial support for one or both parents, it is probably way past the point where their parents would be able to even carefully consider purchasing what is called Long Term Careproducts. For those who like to be proactive, however, you might be wondering exactly what is long term care insurance, and how do we get it?
In short, its probably one of the best investments youcan make at any age. Of course, the younger you are whenyou buy it, the lower your premiums. But what 30 year old seriously considers his old age and associated health problems while hes young and healthy? Not many!
As we put off buying the insurance, the premiums increaseand finally, for too many of us, we learn the hard way that we will be needing some type of long term care and we either find that we have huge deductibles because well need to use our regular health insurance, or worse, we find out we have to pay for everything out of pocket.
This type of insurance, in actuality, is one of the most reasonably priced types of coverage when it comes tocosts vs. Benefits. A policy purchased in your forties, forexample, with standard coverage such as nursing homes and rehab (or hospice), will probably be less expensive than your car insurance!
Policies differ, as with all sorts of insurance, and you can pick and choose options according to what you can afford or according to what you believe you might need. Forinstance, if Alzheimers runs in your family, you may wantto get a plan that supports the in depth level of specialized care these patients need. If everyone in your family livestill 105 and drops dead on the golf course, you may decide to purchase a lesser type of coverage.
Depending on the insurance company will depend ofcourse on your policy now, and what type of add ons andoptions you are able to buy at later dates. For instance, ifyour 62 year old husband is in a head on collision and you find that he will need extensive long term care, you may or may not be able to increase your policy to suit the current situation.
Majority of these policies can provide an incredible amount of financial help when the time comes. With longterm facilities averaging over $500 a day, not many regular insurance plans will cover these for more than a few weeks - no matter what.