The public is scared of the high and expensive monthly premiums that they have to pay for once they have finally availed an LTC insurance plan of their own. But unknown to them, there are in fact some ways wherein they can still get affordable LTC premiums without stressing their wallets, and one of these ways is by lowering the amount of their long term care insurance daily benefits through long term care retirement planning.
This is one of the options that an individual can adjust or modify depending on the LTC services that he needs, and also according to his financial allocation. These options are given to the public so that they can still buy an LTC insurance without sacrificing the quantity and quality of the services and facilities that they would get.
Also, some private insurance companies are now more considerate when it comes to the pricing of the policies that they sell to the consumers. The policies that they offer are now more flexible so that they can also encourage and convince some of the uninsured individuals that LTC plans are not as expensive as they thought. This is just one way of the government and insurance carriers to boost the number of LTC-insured persons in the country so that they can live more comfortable lives in the coming years.
Also, they are trying to avoid exhausting the funds of Medicaid in the future because of the fast growing number of its beneficiaries. If those who would need LTC services 10 years from are still uninsured by that time, and with the ever-increasing rates of LTC costs, the fund of Medicaid might not be enough to give all its beneficiaries decent amount of incentives.
But when one decided to avail an LC insurance with a lower long term care insurance daily benefits, then there is a big possibility that his LTC requirements and health needs will be prioritized and well taken cared of. He can live a worry-free life without thinking about the payment for all the LTC services and facilities that he will incur.
The daily benefit amount or daily benefits of a policy determines the amount that the individual is allowed to receive when it comes to his needed LTC services and facilities. Some LTC policy types pay the actual or exact amount that the person has used while some gives the whole amount of their daily benefits regardless if they were able to use all of it or not. But no matter what the policy type, insurance companies sure do not give any payment to any amount that would exceed the given benefit amount of an individual.
But although this is a good option for those who want to get cheaper LTC policies, they still have to consider and prioritize their health and LTC requirements and needs first before they decide on this matter. Remember that an LTC insurance is supposed to give them less during their golden years and not to stress them any further just because their benefit amount is not enough to pay for LTC needs.
Know more about how you can maximize the long term care insurance daily benefits option. Contact your trusted insurance agent now and discuss with them the possibilities of owning cheaper and more budget-friendly LTC insurance.
Top financial professionals use this technique to reposition “safe money” to take care of a risk that is expected to happen to 70% of Americans – getting sick enough to need some help at some point in our lives.
Don’t wait to “Protect Your Wealth from Poor Health”. Take 2 minutes to watch this quick video on long term care planning.
Calculating long term care insurance can be accomplished by taking a look at a variety of factors. Calculate long term care insurance with help from the owner of a brokerage insurance company in this free video clip.
Expert: Tom Katsis
Bio: Tom Katsis has his own brokerage insurance company, which specializes in individual and group health insurance, long-term care insurance, disability insurance and Medicare supplement plans.
Filmmaker: Daniel Brea
Series Description: Buying insurance, especially long-term care insurance, is not something that you should attempt without a certain degree of preparation. Learn about long-term care insurance and get answers to your important questions with help from the owner of a brokerage insurance company in this free video series.
Long term care planning is very important for what will be a reality for most people. Options can include in-home nursing care and nursing home or other assisted living facilities.
The odds of needing long term care increase as you get older or weaker. Oftentimes, the need for long-term care help might be due to a terminal condition, illness, injury, disability or the infirmity of old age.
Long-term care involves various types of services designed to meet a person’s health or personal care needs. These services help people live as independently and safely as possible when they can no longer perform daily activities on their own.
This week’s update features an informative podcast video entitled “Long Term Care Insurance: Time To Have The Discussion.”
Long term care plans are expensive and its costs are rising, Without long term care insurance your wealth can dissipate very quickly as most health insurance plans do not cover long term care and Medicare does not cover custodial care.
In this podcast video, New York City/Connecticut area Chartered Financial Consultant John Darer frames the issues and shares some personal insights on long term care insurance.
Here’s another informative video that I’d like to share to everyone. Go ahead and watch it!
This short vid provides an overview of federally tax-qualified long term care insurance policies. The basics of designing a long term care plan and how the payout works are also discussed.
The notion here is that too many Americans get so confused by all the long-term care-related terminologies, and they end up not being able to make a decision on this insurance product.
This is such a heartbreaking video. The realities of long-term care hit hard!
Watch former broadcast journalist Meryl Comer’s personal story about caring for her husband, who was diagnosed with Alzheimer’s disease 17 years ago.
Caring for people with Alzheimer’s disease is indeed difficult and it is very important to have a strong support system of family and friends.