Long Term Care Insurance: Assurance of a Better Life After Retirement

As the old cliché goes, Health is wealth. Not all of us may have the exact or same definition to this old saying, but it just comes to one bottom-line: being healthy in all aspects lies in our hands and in the way we live our lives. But if we have already did our best and still find ourselves dreaded with sickness or diseases when we are old and gray; thus, the need for long term care arises.

Long term care insurance is often taken for granted and neglected by many Americans. This is because it is expensive and needs committed financial settlement and stable above-average income to continue paying for its monthly premiums. The government, aware of the current economic crisis that almost all the countries in the world face now, launched other initiatives to help encourage and make its citizens realize the importance of owning an LTC policy.

Insurance industry professionals advice that long term plan be purchased at a much early age. It is because the monthly premiums will be cheaper than when it is bought nearing the applicant’s retirement age. Several factors such as the applicant’s age at the time of application, present health condition, and family medical history affect the rate of the monthly premiums of his LTC plan. Also, he will be able to maximize the benefits of the inflation protection asset protection feature of his policy.

Inflation protection is regarded as the most important feature of long term care insurance policies because it provides certain levels which keep up with the increasing costs of LTC needs. These levels of inflation protection depend on the age of the policy owner when his plan was bought. So it is safe to say that there is no need for the policyholder to worry about the growing costs of his medical needs because his plan has all his needs covered. Also, LTC plans must provide benefit period and daily benefit amount in order to qualify as an authorized LTC insurance plan.

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