4 Smart Tips To Buying Long Term Care Insurance
Apart from medical or health expenses, there are some more expenses associated with the advancing years of a person’s life. A person growing old might not be actually ill or sick, but he or she might be unable to carry out routine activities such as eating, bathing, cleaning, walking, etc., on his/her own. In such situations, admission into a nursing home or a long-term care facility would be required, and a long-term care insurance policy should be bought to protect against such expenses.
A lot of children are staying far away from their parents and are unable to tear themselves away from their work or business at a short notice.
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- Don’t mix policies
To save on the premium amount, many couples opt for a hybrid policy that offers a combination of life insurance and long-term health insurance.
The earlier the decision to opt for long-term care is taken by a couple, the lower their premiums will be. This sounds pretty simple, but this is a decision that most couples get wrong. They go through major medical expenses and then realize that they might need long-term care sooner or later. They then start looking around for a good policy. But when they look for the best long-term care insurance, they find it very expensive and above their budget. If they had opted for the same policy a decade ago, they would have had to pay a lot less for it.
Given the rising costs of insurance, it is a good idea to consider whether long-term care is actually needed or whether home care is a viable option. If a couple has the wherewithal to arrange for home care by themselves, it would be much cheaper than opting for long-term care at a facility.
Most long-term care insurance policies provide the option of choosing the date from which the insurer starts paying the expenses. The gap between this date and the date from which the policy is purchased is called the elimination period, and the longer this gap, the lower the premium cost.
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