You probably think of long-term care insurance,Issues When Considering Long Term Care Insurance Articles but you are not sure yet on where and how to start the plan. Long-term care insurance is surely the most expensive investment you will venture, so it’s important not to go over it hastily, or else you will lose chunks of money. Here are some of the most common issues or topics you’ll consider in buying your own long-term care insurance.
Should I buy LTC insurance when I’m older?
Survey shows that 43 percent of those people needing long term care are below the age 65. This spells your great need for this type of care, and everyone does.
Some companies come out with new policies every two years. The new policies have added features and benefits, but they are much more expensive as they contain those enhanced perks. According to studies, new applicants pay for about 5% each year than the applicants of the same age who have purchased previously. Just imagine how much the price would be ten years from now, as the increment rises to 5% or more every year. The future costs will no longer be tolerable for new applicants.
To qualify for long term care insurance you must meet the health requirements provided by your insurance company. The costs of LTC premiums are much lower for healthy individuals. If you wait for too long or get the insurance exactly the day you most likely need it, you may develop or have already developed conditions t