Advantages of Asking for Long Term Quotes
A comprehensive insurance policy that has coverage for long term care should be a priority of every hardworking individual today. After all, anything can happen in the future – it would always be best (both for the policy owner and his or her loved ones) to be ready and have the necessary means to access resources and assistance. Though you probably only have the conventional health and life insurance packages today, you should take your time to understand why a policy that can support costs for senior assistance is necessary and important. To this end, you’ll need to examine and review quite a few long term care quotes. But don’t fret – doing so will prove to be worth the time and effort scrutinizing policies.
LTCI policies vary far and wide from each other, and no two will be the same. In fact, each one is probably tailored to meet the needs and means of its holder. Buyers are encouraged first to determine what types of assistance they will likely need in their retirement years by undergoing a full check up with their physician. Then, equipped with this knowledge, they can choose a package that would best address those needs and therefore make the policy much more affordable.
First, though, you’ll have to get long term care quotes from several insurance providers to check out the relative costs and benefits they can offer. Get a list of private companies that are licensed to sell these policies in the state you’ll be retiring in so that you can find out which have an excellent issuance history. Additionally, having several options will grant you the benefit of choosing which agent or insurer to deal with. More than the issuance history, being comfortable and establishing a level of trust with an agent will make allow you to make your decisions in an easier and hassle-free manner.
A tale likely to happen
Here’s a cautionary tale for those who do not believe in the necessity for a separate and comprehensive LTC policy: John, a 55-year-old manager, looks up the costs of an LTC policy in his area. He has just been to the doctor and was told to be without any symptoms for any disease or condition. John decides to cut down on his premiums by getting coverage only for in-home assistance, figuring he will be healthy enough to avoid nursing facilities. So when his benefit triggers a few decades later, he finds himself taking out funds from his savings and from selling his assets to pay for expensive medications and therapy, as he suddenly (and unfortunately) had a mild stroke.
With coverage only for in-home care, John has to pay for unanticipated expenses out of pocket and is in danger of losing his nest egg. A story similar to this has been common enough in today’s retirees. From baby boomers looking forward to vacations and quality time with friends and family, only to have their plans shattered by the “unanticipated” – isn’t this as common from most retirees? Underestimating the effects of medical inflation to the costs of care in the future is one mistake you shouldn’t make, and it’s very probable that they would become exorbitant by the time you require LTC. Coverage should be prioritized and be part of retirement plans (much better, even, when preparation and planning are done at an earlier age).
Avoiding future risks
Your financial stability today should be all the more reason to get as much LTC coverage as you can afford, not less. While you are at the peak of your productivity, planning and preparing for future unforeseen eventualities will pay back tenfold once they do transpire. This kind of preparation would be a blessing of foresight decades later when you find yourself needing it. The future can still be bright and blessed if you have taken the necessary steps to assure you of your desires. Additional help can be found in our article, “Preparing for Retirement: Where do I Start?”
You don’t need to make a hasty decision when acquiring your policy. Take time to review long term care quotes thoroughly, and with a financial and health advisor if possible, to get the most out of your policy. Also, do not hesitate to ask questions to your agents and insurers. The LTCI is meant for you, and you have every right to understand every part of it. Do not also stop learning about the long term care and retirement industries and giving in to negativity (such as premium hikes and insurance jargon). You can do it!
We hope all the best for your future plans. Grab and take control with an LTCI to get the care and assistance you deserve in your life. It may take some time to go through and analyzing tons of long term care insurance quotes. But never forget that the amount of work you dedicate to get those quotes (and by seeking out a good LTCI specialist) is worth it: these quotes are the first steps towards your desired future. Please read more here for long term care quotes.