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Long Term Care Insurance & Preventing Dementia

Are you really in the need of long term care insurance?

Many people get confused about whether they really require purchasing a long term care insurance policy or not! This article helps in clearing out such confusion. However, there are some 'extraordinary conditions' in which people should refrain themselves from buying a long term care insurance policy, which has also been discussed clearly in this article. Plus, it also stresses the requirement for a long term care insurance policy for people of various age groups, if in case it is really required for a person who doesn't meets the 'extraordinary conditions'.

If you require long term care provisions and services and need to spend money out of your own pocket to get them, then think about the economic assets upon which you can rely on. Is it the fact, that you have enough money with you to compensate the costs of staying and receiving long term care services, in a nursing home for four years or above than that? Can you also pay up for keeping a home health aide or for getting healthcare services at home?

In case you have crossed the age limit of 65 years, it is a suggestion that you stop depending on Medicare or any other health insurance policy, for getting medical coverage. You must keep a fact in your mind that you will not be able to get care services when in custody. Also, remember that a private healthcare policy seldom compensates any of the expenses, which are incurred for long term care services that are provided to you.

Conditions in which people should avoid buying a long term care insurance policy

There are generally two set of conditions in which people should refrain themselves from purchasing a long term care insurance policy. They are as follows:

Condition 1:

If you think that you are running with a very limited budget especially at that period when you require long term care services, then at this juncture of time you may be entitled for enrolling in Medicaid (Medicaid is a type of governmental health insurance plan that covers the expenses for long term care services, and also compensates for the other medical services). In case you anticipate being in these aforesaid circumstances, then you will really not require purchasing a long term care insurance policy. This is because once you enroll for the Medicaid policy you will be able to get many of the long term care benefits. It must be kept in mind that if you purchase a long term care insurance policy, you will be able to get rescued from the above mentioned circumstances but still you won't be able to make savings on your expenditure. However if you are a resident of any of these states like New York, Indiana, California or Connecticut then you may get an exemption. Owning a long term care insurance policy enables the citizens of these four American states especially, to get extra advantages and care services.

Condition 2:

If you think that you are running with a much maximized budget especially at that period when you require long term care services, then also it is suggested that you should not proceed to purchase a long term care insurance policy straightaway. Alternatively, you must resolve to spend money for the out of pocket costs that are incurred for providing you long term care services. You can consider this as a usual expenditure. It has been recommended by a financial consultant (in an interview that was published in a newspaper), that if you own a property that has an economic value of or within $1.5 million excluding the price of your home, then you can securely leave out the idea of purchasing a long term care insurance policy. Instead of this you deal with paying the expenses for getting long term care services, if they crop up, just like you pay for other expenses.

In case you fall in the middle of these two above mentioned conditions, then it is suggested that you purchase a long term care insurance policy. Possessing long term care insurance is like owning a normal health insurance policy, as it will relieve you of all headaches and will also resolve your financial worries.

This is recommended as per a study that was conducted by a few financial experts, on some people who have attained 50 years of age or have crossed this age limit. All these people were questioned about their confidence, when it comes to paying for long term care services whenever required. Amidst those who possessed long term care insurance policies; 52% of these people claimed that were much confident in paying for the care services, whereas 40% of the people claimed that were partly confident about paying for such services. Amidst those who were devoid of any long term care insurance policies; just 8% of the these people expressed their confidence in paying for the care services, whereas 27% of the people claimed that were partly confident about paying for such services.

The ideal requirement of a long term care insurance policy depending on your age

However, if you are below 85 years of age and particularly below the age of 65 years, then you should specially pay attention about owning a long term care insurance policy. This is because of the following reasons.

  • Generally at an over age you may be by now incapable of qualifying for a long term care insurance policy. An actuarial organization by the name of Wakely Consulting Group has conducted a survey in which they found candidates applying for long term care insurance policy for the years 2003 and 2004. The result of the survey showed that the applications of 11% percent of the candidates who are within the age group of 50 years, 19% of the candidates within the age group of 60 years and 43% of the candidates within the age group of 70 years have been disapproved. From such evidence it can be understood that if you are thinking of buying a long term care insurance policy in your later ages, the chances of the refusal of your application is maximum.
  • As per the survey of another actuary organization by the name of Milliman & Robertson, it has been found out that about 15%-20% people who are above 65 years of age are not approved for getting long term care insurance coverage.
  • Another account that has been submitted by the Henry J. Kaiser Foundation, points out that more than 5 million people who are between the age group of 18 to 64 years, generally requires some sort of long term care services in one way or the other.
  • The National Center for Health Statistics in the year 1999 has submitted some surprising reports after a thorough calculation and estimation. This report shows that more or less 160,000 of the patients, who were required to stay in the nursing home for getting long term care services, were under the age limit of 65 years. This amounts to the case of the 10% of the total populace on whom the calculation was conducted. This report also showed that about 400,000 of the patients, who were availing home healthcare, were under the age limit of 65 years. This amounts to the case of another 30% of the total populace on whom the calculation was conducted.

Therefore, without wasting a single moment, you should purchase a long term care insurance policy; if not you are running too short of financial resources that entitles you to enroll for Medicaid program or you have enough amount of money in your bank account with which you can make payment for the bills very conveniently.

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.

Find Local Doctors & Most Popular Plans

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

PLUS, Receive 2 FREE Books -
Long Term Care Insurance & Preventing Dementia

Are you really in the need of long term care insurance?

Many people get confused about whether they really require purchasing a long term care insurance policy or not! This article helps in clearing out such confusion. However, there are some 'extraordinary conditions' in which people should refrain themselves from buying a long term care insurance policy, which has also been discussed clearly in this article. Plus, it also stresses the requirement for a long term care insurance policy for people of various age groups, if in case it is really required for a person who doesn't meets the 'extraordinary conditions'.

If you require long term care provisions and services and need to spend money out of your own pocket to get them, then think about the economic assets upon which you can rely on. Is it the fact, that you have enough money with you to compensate the costs of staying and receiving long term care services, in a nursing home for four years or above than that? Can you also pay up for keeping a home health aide or for getting healthcare services at home?

In case you have crossed the age limit of 65 years, it is a suggestion that you stop depending on Medicare or any other health insurance policy, for getting medical coverage. You must keep a fact in your mind that you will not be able to get care services when in custody. Also, remember that a private healthcare policy seldom compensates any of the expenses, which are incurred for long term care services that are provided to you.

Conditions in which people should avoid buying a long term care insurance policy

There are generally two set of conditions in which people should refrain themselves from purchasing a long term care insurance policy. They are as follows:

Condition 1:

If you think that you are running with a very limited budget especially at that period when you require long term care services, then at this juncture of time you may be entitled for enrolling in Medicaid (Medicaid is a type of governmental health insurance plan that covers the expenses for long term care services, and also compensates for the other medical services). In case you anticipate being in these aforesaid circumstances, then you will really not require purchasing a long term care insurance policy. This is because once you enroll for the Medicaid policy you will be able to get many of the long term care benefits. It must be kept in mind that if you purchase a long term care insurance policy, you will be able to get rescued from the above mentioned circumstances but still you won't be able to make savings on your expenditure. However if you are a resident of any of these states like New York, Indiana, California or Connecticut then you may get an exemption. Owning a long term care insurance policy enables the citizens of these four American states especially, to get extra advantages and care services.

Condition 2:

If you think that you are running with a much maximized budget especially at that period when you require long term care services, then also it is suggested that you should not proceed to purchase a long term care insurance policy straightaway. Alternatively, you must resolve to spend money for the out of pocket costs that are incurred for providing you long term care services. You can consider this as a usual expenditure. It has been recommended by a financial consultant (in an interview that was published in a newspaper), that if you own a property that has an economic value of or within $1.5 million excluding the price of your home, then you can securely leave out the idea of purchasing a long term care insurance policy. Instead of this you deal with paying the expenses for getting long term care services, if they crop up, just like you pay for other expenses.

In case you fall in the middle of these two above mentioned conditions, then it is suggested that you purchase a long term care insurance policy. Possessing long term care insurance is like owning a normal health insurance policy, as it will relieve you of all headaches and will also resolve your financial worries.

This is recommended as per a study that was conducted by a few financial experts, on some people who have attained 50 years of age or have crossed this age limit. All these people were questioned about their confidence, when it comes to paying for long term care services whenever required. Amidst those who possessed long term care insurance policies; 52% of these people claimed that were much confident in paying for the care services, whereas 40% of the people claimed that were partly confident about paying for such services. Amidst those who were devoid of any long term care insurance policies; just 8% of the these people expressed their confidence in paying for the care services, whereas 27% of the people claimed that were partly confident about paying for such services.

The ideal requirement of a long term care insurance policy depending on your age

However, if you are below 85 years of age and particularly below the age of 65 years, then you should specially pay attention about owning a long term care insurance policy. This is because of the following reasons.

  • Generally at an over age you may be by now incapable of qualifying for a long term care insurance policy. An actuarial organization by the name of Wakely Consulting Group has conducted a survey in which they found candidates applying for long term care insurance policy for the years 2003 and 2004. The result of the survey showed that the applications of 11% percent of the candidates who are within the age group of 50 years, 19% of the candidates within the age group of 60 years and 43% of the candidates within the age group of 70 years have been disapproved. From such evidence it can be understood that if you are thinking of buying a long term care insurance policy in your later ages, the chances of the refusal of your application is maximum.
  • As per the survey of another actuary organization by the name of Milliman & Robertson, it has been found out that about 15%-20% people who are above 65 years of age are not approved for getting long term care insurance coverage.
  • Another account that has been submitted by the Henry J. Kaiser Foundation, points out that more than 5 million people who are between the age group of 18 to 64 years, generally requires some sort of long term care services in one way or the other.
  • The National Center for Health Statistics in the year 1999 has submitted some surprising reports after a thorough calculation and estimation. This report shows that more or less 160,000 of the patients, who were required to stay in the nursing home for getting long term care services, were under the age limit of 65 years. This amounts to the case of the 10% of the total populace on whom the calculation was conducted. This report also showed that about 400,000 of the patients, who were availing home healthcare, were under the age limit of 65 years. This amounts to the case of another 30% of the total populace on whom the calculation was conducted.

Therefore, without wasting a single moment, you should purchase a long term care insurance policy; if not you are running too short of financial resources that entitles you to enroll for Medicaid program or you have enough amount of money in your bank account with which you can make payment for the bills very conveniently.

ASSET PROTECTION

Help protect your savings from the costs of care NOT COVERED
by traditional insurances or Government programs, like Medicare.
It helps you choose where you receive care and avoid the nursing home!

OVERWHELMING STATISTICS
  • 40% receiving long-term care are working-age adults, ages of 18-64.*
  • About 70% over age 65 will need long-term care services in their
    lifetime. By 2020, this number is expected to exceed 12 million.*
WHY US?

Financially strong A.M Best rated insurers with low complaint ratios related to claims will send you quotes directly and promptly. You may also have access to instant rate quotes, and side by side plan comparisons. The service is free, and comes with no obligation. Your privacy is our highest priority.

DISCOUNTS AVAILABLE

Sample Long-Term Care Insurance Savings Opportunities

Up to 30% Spousal/Partner Discount

Up to 15% Preferred Health Discount

Up to 5% Small Business Discount

* Discounts are not cumulative and vary by state.