subject: Dissection Of Long Term Care Insurance Options [print this page] As the countrys elderly population increases rapidly, especially those from age 85 onwards, everybody is pressured to secure a good plan for his future healthcare needs. In fact, long term care insurance policy options have been laid out for everyone to study.
How will one determine which type of long term care insurance (LTCI) policy is right for him?
LTCI professionals advise buyers to look into their health first before purchasing a policy. After all, the coverage that you will receive from your LTCI policy shall depend upon your health condition.
Look up your familys health history and familiarize yourself with common maladies that took the lives of your loved ones. Visit your physician so that you can determine the current status of your health through a general checkup and then ask him or her if you have a genetic predisposition to some kind of illness.
Sometimes, the symptoms of a health disorder would only appear in an individuals later years so it is very important to undergo regular checkups and preventive screenings. These preventive screenings or life line screenings help people recognize or detect possible health disorders that are gradually starting or have been there since the time that they were born.
Having knowledge of the real condition of your health will make it easier for you to decide which LTCI policy is suitable for you. Take the time to discuss it with your family and your doctor and if the latter tells you that your condition is chronic by nature then you can identify the type of care that you will need someday.
Long Term Care Insurance Policy Options
People with serious health disorders such as diabetes, high blood pressure, cancer, and heart diseases among others require 24-hour monitoring and thus they wind up in a nursing home. Meanwhile, individuals who are not at risk of a chronic illness can opt for in-home care but they are not encouraged to completely disregard a nursing home from their long term care (LTC) plan.
According to the U.S. Department of Health and Human Services, 40% of the total population that will require care someday will enter a nursing home at some point in their lives. Now you may or may not be part of this figure but it wont hurt you if you would prepare for the possibility of being admitted into a nursing home.
If you exclude a nursing home from your LTC plan and you eventually end up in one 40 years down the road, you wont be able to afford the cost of care in this type of LTC facility.
At present, the average annual rate of a nursing home is $77,745 and according to professional nurses the average length of stay of an elderly resident in a nursing home is two and a half years. If you rely on your nest egg for your nursing home expenses, give it a year and all your wiped out resources shall not only affect you healthcare-wise but your familys lives, as well.
Study your long term care insurance policy options carefully and seek guidance from an experienced LTCI representative who is affiliated with renowned insurance companies that boast an excellent track record in the LTCI industry.
by: Julienne Howard
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