Why Plan for Long-Term Care Insurance
Long Term Care insurance is a type of health insurance offered to those people who are in need of help with their activities of daily living like eating, toileting, transferring, dressing, continence, bathing etc. Millions of people have realized the benefits of LTCI, and they are selecting this health insurance as soon as possible because they know they may require LTCI in the future. It is estimated that around 13 million people in the USA require long term care; among them, 40 percent of people are of old age. Providing an income stream for long term care makes it essential to purchase LTCI before your retirement. According to the US government, it is always a better idea to purchase LTCI when you are younger and the premiums are low.
Now let us discuss the things that are required to qualify for benefits of a Long Term Care insurance policy. Today you will notice that most of the LTCI policies sold are Tax Qualified. This is the type of policy in which you will only become eligible for benefits when a practitioner confirms that you are unable to perform at least two activities out of the six activities of daily living (ADL) for at least three months. If you have suffered from any cognitive impairment such as Alzheimer’s, you also will be eligible for benefits under this type of policy.
There can be numerous motivations for purchasing insurance. Most people want to equip themselves to meet any unexpected situation. No one knows what is going to happen in the next second; anything can happen leaving you unable to resolve the issue. People buy insurance for their car to pay for accidental damage; similarly, people insure their homes, life, boats, health, etc. But purchasing LTC is something different because with this insurance policy, you will be able to maintain a level of independence for your family and yourself. It is specially designed not only to protect you, but also your family so that you don’t become a burden to them. It also protects you from losing all of your assets you have worked so long and hard to establish.
Younger people who don’t think about the care they may need in the future are making a big mistake. If you don’t plan for your financial future now, then you will definitely face difficulties when you grow older. This is why it is recommended that you should immediately purchase a Long Term Care insurance policy. If you plan and prepare for yourself properly, then you are sure to have a better quality of life for you and your loved ones in the years to come.
