Before Getting Your Hands On That LTCI Policy

Long term care insurance is one of, if not the biggest, investment that one can make in this time and age. Buying long term care insurance policy will benefit you in all aspects of life apart from health care. Just to clear it up, it’s you the policyholder or the owner of the long term care insurance (LTCI) policy who will solely benefit from this kind of insurance product. Whatever you gain from the product, however, will naturally rub off on the people in your life but they are definitely not the immediate recipients of your policy’s benefits. Primarily designed to cover long term care (LTC) expenses, your LTCI policy will protect your nest egg or assets from being wiped out by the cost of care which is expected to go even higher in the years to come. According to the 2011 Cost of Care Survey of Genworth Financial, the average annual rate of a nursing home is $77,745 while residents of an assisted living facility pay on the average $3,261 every month. It is going to be pointless though to aim for these figures because the cost of care is expected to double in 2025 and grow four times more in 2030 according to financial advisors and LTCI specialists. Those who plan to self-insure should make sure that they have at least $2,000,000 to ensure that they won’t outlive their assets. Financial experts, however, say your best defense against the expensive cost of LTC is a good plan that will protect your assets while allowing you to receive care in your preferred LTC setting. Buying Long Term Care Insurance Policy Among the available options for long term care planning, LTCI policies happen to be the ideal choice since these provide health care coverage and asset protection. You have to familiarize yourself with each type of LTCI policy before you decide to make a purchase in order to get your money’s worth. Spare yourself from the mistakes that other people have committed in the past. Many people have made the mistake of investing in a policy with very high maximum benefit amount and lifetime coverage, but in the end they didn’t get to use the benefits. By conducting in-depth research on LTC, you will realize that the average length of time a person will need for care is three years. It’s not for any LTC specialist to say, however, the amount of time which one would require for care but the person himself. This is mainly the reason everybody is advised to check his present health condition with a licensed doctor before he decides to purchase a specific kind of LTCI policy. Studies show that some folks appear to be healthy but without any warning they suddenly succumb to a life-threatening illness. Had they looked up their family’s health history, they would’ve been able to detect a genetic predisposition to a certain type of illness and would’ve acquired care in the appropriate setting. So before buying long term care insurance policy take the time to visit your doctor and canvass rates of LTC facilities in your area. After having done so, consult a licensed LTCI agent to discuss your options and gather premium quotes.