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Long Term Care Insurance, Anyone?
Just like a mystery, something triggered many minds in the country to change and purchase long term care insurance
. In fact, last year insurance companies saw a drastic increase in the number of sold policies especially in smaller states. So, who bought those policies and are they the ones who should buy long term care insurance (LTCI)?According to the data of the American Association for Long-Term Care Insurance, more than 80% of the new buyers are younger than 65 years old. This goes to show that younger people are more concerned about their future healthcare needs.
The remaining percentage of new LTCI policy buyers comprises of elderly folks aged 65 and older. Only few senior citizens have invested into long term care insurance (LTCI) and the reason others refuse to buy is their intimidation by the high rates of annual premiums.
According to majority of these uninsured elderly individuals, purchasing an LTCI policy at the age of 65 will require them to pay an average of $2,500 per annum. Most 65-year-olds have retired already so for them, forking out a large amount of money yearly is impractical because their resources are limited. If they run out of money before a benefit trigger occurs then their policy will lapse and this is something which they cannot accept.
Its hard to change someones mind especially if he has already planned his future where there is absolutely no room for LTCI; but if ones reason for not getting around to purchasing an LTCI policy is procrastination, there is still hope.
Not all 65-year-old individuals have preexisting conditions. Not all of them are starting to manifest signs of a chronic illness or cognitive impairment. Those who are physically fit and mentally sound can still acquire an LTCI policy to spare themselves from high LTC costs.
They can opt for a partial coverage if they find a comprehensive policy which stipulates full LTC coverage too dear. What matters is that they wont rely solely on their resources to cover the expenses that they could possibly incur in a nursing home, an assisted living facility, or from in-home care services.
Who Should Buy Long Term Care Insurance?
Buying long term care insurance was a debatable subject before, but nowadays it is no longer considered optional but obligatory.
Young and old alike should purchase an LTCI policy because nobody can confidently say that he or she will never get sick, acquire an injury, and grow old. Anybody can come down to a debilitating disease unexpectedly. Even cautious diners minding their own business can instantly turn into paraplegics the following day after a reckless driver accidentally smashes his truck into the restaurant wherein they were dining.
Meanwhile, immortality has yet to be proven. Until then we have to live on the premise that we will all grow gray hair someday, our bones will gradually turn brittle and our bodies will function slower than its usual speed.
Having said this, there is no point asking who should buy long term care insurance because in reality every one of us should.
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