Asking these retirement questions can help you find out if it is really worth it to buy long term care insurance. You will have to learn first all the facts, pros and cons before you think about purchasing a policy.
Retirement Questions to Help You Understand Long Term Care Insurance
Are you living a healthy lifestyle?
Even if it is hard to believe, healthy people will still be needing care in the future. Healthy people are bound to need future care because they are going to live longer than unhealthy people who might pass away sooner than them.
One of the pros of long term care insurance that a healthy person can take advantage of is that it can allow the patient to stay in their home and maintain their independence a little longer. Policies that are being offered these days can cover the cost of in-home care where the service can provide help with a lot of different activities with daily living.
Does your family’s medical history look good?
What does your family’s health history look like? How long did your parents, grandparents lived and did anyone of them ever need care in the past? If yes, who was there to assist them and how did it affect the whole family?
Another pro for long term care insurance is that the burden of giving care to their family member will not fall into the hands of their loved ones because the insurance will take care of it.
If ever you should need care in the future, are you willing to shoulder all the expenses and then depend on the state, or depend on your family?
If in the future you are going to need long term care because of a broken hip or you do not have the capability to take care of yourself even with the tiniest matter, are you willing to burden your family to take care of you?
Get our free infographic 18 Enlightening Facts about Caregivers to learn more about duties, statistics and effects of caregiving to family caregivers.
If you have enough assets to that can suffice in covering all the medical care expenses, then you do not have to purchase a long term care insurance policy. However, if you do not have the assets and finances, then you should start thinking about your future today.
Do you have the assets that can buy you a premium that can provide you with a reasonable amount of coverage?
Another great thing about long term care insurance is its adjustability. You can alter the insurance policy you want to buy that can best suit your needs and budget. It is like buying a car where you have the choice to buy all the extras or just buy the base model that can still provide you with transportation that you need.
These are the policy features that have a direct impact on the cost of long term care insurance:
- Benefit Period – this is the amount of time your policy will pay off your claims. The longer you want to be covered, the higher your premiums will be.
- Daily Benefit – this is the predetermined benefit amount you receive to pay for your long term care expenses.
- Elimination Period – the length of time you need to wait before you receive the benefits. You need to shoulder the cost of any care you receive before the elimination period expires.
Basing from statistics, how many people are going to need care in the future?
According to long term care statistics, there are about 70% of people who are going to need future care once they hit the age 65 and older. But if you are a critical thinker, you should think that it is either you are going to need it, or you won’t. The thing is, if you want a secured future, it is best that you secure it with long term care insurance so that you won’t have any regrets in the future.
Ponder on all of these retirement questions before making up your mind and you will come up with your answer if you really do need long term care insurance.
