In theory, there are two groups of people who will need assistance completing tasks in their everyday lives. Both groups will require very similar care, and both have very similar ideas as to what they would like that care to look like. These two groups, however, often have different outlooks on preparing for their lives during Long Term Care assistance… Step one, is to research long term care insurance.
Two Very Different Sets of People, Two Different Attitudes:
These two groups are young people living with disabilities and seniors requiring Long Term Care. Seniors often face a different set of challenges when searching for the best Long Term Care, and many wonder how to receive the highest quality of care possible. On average, seniors are also more hesitant to admit that Long Term Care is a real possibility. This raises a new question—what factors and pieces of information are more likely to encourage seniors and adults to research and purchase Long Term Care Insurance?
Two Truths:
There are two facts which are not mutually exclusive. First, it is vitally important to listen to the concerns and the opinions of your aging parents or family members with regards to Long Term Care Insurance. Second, waiting until it is too late to have these conversations can end up having enormously negative consequences for all involved. The longer this decision takes to make, the harder it will be to purchase coverage affordably and with comprehensive care.
It’s important to remember that this entire conversation is designed to make your family’s life easier and to set up a system to help your parents or loved ones adjust to a new stage in their lives. Their input on their own Long Term Care Insurance policy is crucial.
That being said, educating them on the facts of this issue is equally important. Ideally, this conversation will be held when all parties involved are of sound mind and body. This is why having the discussion earlier than later is advantageous to everyone involved. Once the time is appropriate, compiling a list of information will be massively helpful in getting the point across.
What are the Facts About Long Term Care Insurance?
Ideally, most of the information you present to your parents or other loved ones will come from your own dedicated long term care insurance research. It would be easy enough to recommend a blanket plan which can apply to everyone, but the truth is that the policies are as unique as the individuals.
Long Term Care Insurance sounds like a scary medical service, but this too is a misconception. In reality, it simply means coverage that includes basic custodial care for individuals who have difficulty completing basic everyday tasks such as bathing, dressing, eating and using the bathroom.
Here, you can see the simple statistics which can help frame Long Term Care Insurance in a new perspective. They do not indicate an individual need for coverage, only the statistical probability of any person needing it at some point in the future and what costs might be incurred or saved.
It is important to realize that a lot of people will end up requiring some sort of LTC coverage as they grow older. It is not something to feel self conscious about or to be in denial over. In fact, of every person turning 65 years old this year, 69% will end up requiring some sort of Long Term Care. It’s a simple fact that as people live longer, the odds of them needing assistance will increase.
Of this 69%, a portion of individuals will require even more extended Long Term Care. 14% will require care for longer than 5 years. With LTC coverage, this is very manageable. Without it, paying out of pocket can become incredibly costly. Remember, a typical retired couple will spend roughly $280,000 on medical care during the course of their retirement, not including Long Term Care expenses.
Armed with these facts, it might become clearer that approaching the conversation of Long Term Care Insurance is important. Decisions don’t necessarily need to be made immediately, but opening a healthy dialogue can help you and your loved ones stay ahead of the curve.
Choosing the Right Policy with the Right Insurance Company:
Generally speaking, ratings go a long way in the insurance industry. If you can manage to work with carriers that have an “A” rating, you’ll be well on your way to a comprehensive and quality insurance plan.
Research Long Term Care Insurance
Although many insurance companies are similar in many respects, they do have important distinctions. Their underwriting guidelines are unique to the company, and this could affect your policy depending on the current health status of the individual looking for coverage. Certain companies may list you as a “preferred” candidate for coverage while others may see you as “at risk” with underlying conditions. This is a major reason why purchasing insurance while still young and healthy is the best way to avoid issues down the road.
If, for whatever reason, you happen to already have pre-existing conditions it may make sense to fill out multiple applications. As the application process normally takes several weeks, you can always cancel and this can help alleviate some of the stress associated with waiting for a single insurance company to render a decision.
Grab a Cup of Coffee and Sit Down for This Important Conversation:
Hopefully this helps to enlighten you with some of the facts regarding Long Term Care Insurance. Ideally you now know enough to begin doing your own research and determining if purchasing LTC Insurance makes sense for you or your loved ones. While it may seem like a scary process, doing your homework and having these conversations early can actually help save a lot of headaches down the road.
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