Estimate Your Future Health Care Costs

Long term care is expensive and so is long term care insurance but the latter has an advantage as it allows people to fill in the blanks through a long term care quote, unlike the former which simply dictates how much you should pay out. The first step that a buyer of a long term care insurance (LTCI) policy should take to be certain that he will receive what he actually needs is the requisition of long term care insurance quotes. This process can be coursed through a licensed LTCI agent or the buyer can request directly from insurance firms that market and sell LTCI policies. It is still advisable, however, to seek assistance from an agent who is affiliated with major LTCI carriers if you want to gather quotes because apart from knowing the ropes in the industry he can help you avail discounts on your policy’s annual premium. It is important though to supply your insurance agent with your personal information to speed up the process. Do not attempt to keep or hide essential information such as your present health condition because the truth will eventually come out. You have to understand that you won’t be dealing only with your agent when you’re buying an LTCI policy but with the insurance company that’s going to issue your policy. Among the things that your agent should know are the following: • Your present health conditionrn• Your family’s health historyrn• Your preferred long term care settingrn• Expected amount of benefitsrn• Expected coverage periodrn• Budget intended for the policy’s annual premium When to Request a Long Term Care Quote There is no specific age group designed for LTCI; on the contrary, people who are looking forward to aging with dignity and preserving the assets which took them years to accumulate are strongly advised to invest in an LTCI policy. In fact, records of LTCI companies reveal that many members of the younger generation such as those belonging to the 30 to 40 age bracket have invested into LCTI policy. Some have bravely purchased an individual policy while others grabbed the employer-sponsored policy which is offered in their workplace. Although ideal for anyone who is financially sound and capable of maintaining the annual premium, LTCI is basically for people who do not want to be a burden to their families should the time come that they could no longer perform the activities of daily living (ADL). It is also intended for those with a genetic predisposition towards serious health conditions such as diabetes, Alzheimer’s disease, high blood pressure, lung diseases, and heart diseases among others as these can result in functional limitations later in life. Note, however, that it is not wise to wait for symptoms of the above illnesses to manifest before applying for an LTCI policy because you are more likely to be declined by an insurance firm. In case your application shall be approved, you’ll be subjected to a high annual premium. Bear in mind that while LTCI buyers like you and me try to avoid paying high annual premiums, insurance companies dread buyers that are at risk of making LTCI claims in the next 10 years. Contact a licensed LTCI agent in your area so he can help you obtain a long term care quote that is right for your needs.