Many Americans have this misconception that they will never need long-term care. Unfortunately, if they do, they are not fully prepared for the financial problem it may cause to their family, leaving them with no choice but deplete their lifetime savings.
- More than 50% of Americans are expected to require some form of long-term care at some point in their lives. However, 93% of the total U.S. population is NOT insured for long term Care coverage. This is an alarming percentage.
- By 2026, the population of Americans ages 65 and older will double to 71.5 million.
- Most younger people are NOT fully aware that their traditional health insurance and/or government-funded support programs like Medicare will not provide coverage for long term care.
- The average cost of staying in a nursing home annually is between $55,000 and $100,000 depending on where state you’re living in. Expensive, eh?
So if you think long term care insurance not a good investment, better think again. LTCi policy is one way to protect your financial resources. Do your homework first and request various long term care quotes from reputable insurers before you choose a policy.
Every long term care insurance firm has its own long term care insurance underwriting so when you are thinking about requesting long term care quotes, you have to consider at least five or seven companies so that you can freely compare their offerings.
It’s just like when you’re shopping. Isn’t it you don’t enter a boutique and buy the first item that you see on the display rack, instead, you compare its style and price with a similar item that is sold in another boutique. Those people who compare and weigh the consequences of products and services that are made available to them often always end up with the best product.
With the smorgasbord that you’re about to look at though, you’re going to need some assistance from an experienced LTCI agent. Personally, I would go for an insurance agent who was recommended by a friend or relative but if that would be impossible in your case, you can consult your state’s department of insurance to get a list of LTCI agents who are licensed to market and sell long term care plans in your area.
Now let’s say you’ve finally found an LTCI representative who can help you with those quotes, start supplying him with the much-needed information such as your present health condition, your family’s health history, preferred long term care (LTC) setting, amount of coverage, and budget for the annual premium among others.
Your agent will come back to you armed with tons of LTCI quotes which you have to read and study carefully. You will definitely notice discrepancies and this is why you have to take time out from your busy schedule in order to be able to go through each of these quotes.