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Reasons to Buy Long Term Care Insurance

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 Reasons to Buy Long Term Care Insurance
Reasons to Buy Long Term Care Insurance

Reasons to Buy Long Term Care Insurance

Needing long term care is a sad reality looming in the future. No one wants it but there are high chances that you will need it. Advancement in medical science has managed to prolong manís life but has not been able to eliminate all ailments and diseases. As a result people continue to live but with diminished physical or mental capacity needing external assistance to perform even simple daily actions.

Like other insurances which provide a safeguard against unforeseen and unpredictable situations, Long Term Care Insurance also provides a security. In the unfortunate event that you need constant medical or just physical support, this insurance can provide financial protection.

Buy Long Term Care Insurance

  • Financial Support
  • This point cannot be emphasized enough how this type of a policy can ensure financial assistance. At a time when you are on retirement income it is almost impossible to pay for the huge costs needed for long term care facilities.

  • Protection for your assets
  • If you need care on an extended basis and you donít have the specific insurance, you would have to dip into your assets which you have collected over your whole life. After paying off the long term care bills you will have little left for the rest of your life or give to your children and family.

  • Better care facilities
  • When you have this insurance you can afford to get quality care and not have to compromise. This also means that you donít have to depend on your family or friends to take care of you and can live with dignity and self-respect.

These factors will strongly point towards buying this insurance but you have to understand your situation first. Consider the following points Ė

  • You are in your retired stage of life
  • You are totally dependent on social Security benefits
  • You have assets worth less than $70,000 excluding your home and car

If these situations apply to you, then a long term care insurance policy might be too expensive for you. You should probably refrain from buying it or do the calculations very accurately to find out if you can afford to put a good part of your income into premiums for this insurance.

The Right Time to Buy This Insurance

Employer companies are offering long term care insurance benefits to employees who are in their early 40ís. Data shows that people buy this insurance at an average of 58 years. Applying at an early age has the benefits that you can get better rates and guaranteed approval since you are healthier at this stage. You can also qualify for special discounts on grounds of good health. Also the premiums keep going up every year, so you lose out on getting a lower rate if you delay.

For those who can afford it, this type of insurance will help to get the much needed assistance during times when you in an incapacitated condition. Having this insurance also means you donít end up spending all your saved money and be able to keep your assets.

Reasons to Buy Long Term Care Insurance

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