Our career starts from school we attend, continues in college and then ends at the last work place, we occupy. What happens then? Everyone still needs to eat, to bathe, to do laundry etc. When the person becomes disabled, who cares about it?
Of course we make savings and rely on our children’s support. But then it occurs that our savings are too small and children are too busy with their own adult duties. Philosophers tell that we must live till the age when we are not a hard burden for ourselves and to our relatives. But it is out of our will to decide, what age we must die. But we always can make that burden easier if get long term care insurance.
What is Long Term Care Insurance?
It is a contract, signed by some person and the insurance company. According to this contract, a person pays some annual premiums during several years when he is able to work. When the time of his disability comes (he gets too old to care about himself) an insurance company provides him for everything necessary (food, bathing, dressing, walking) every day during a certain period of time (usually from 3 to 5 years). This period of time may be not limited – it is possible to add this option to your contract.
Getting a policy in advance, when you are younger and can pass necessary medical tests, will do a good job for your wallet. If you get it, when you become older, your monthly rates will be much higher or even you can be rejected to get this kind of service.
According to this deal, a concrete sum of money ($200 as usual) is paid to the insured person. He can get a certain range of services (within this amount) on daily basis. This range of services you get depends on the options in your contract that you choose. Getting some additional options (like taking into account inflation etc) will be costly but comfort is worth it . This kind of insurance policy is very popular in USA and some other countries as it is concerned to anyone. Most of people meet once the age, when they become disable and it sounds attractive to them to be helped during this period. It is good if you purchase this policy in advance, till you are young. As the earlier you get it – the more you save!
Cost of Long Term Care Insurance and its Connection with the Age
According to statistics, the idea to buy this kind of policy occurs in the client’s mind, when he is 55 or so. Very often when we are 55, we see our old parents, who can’t care about themselves, can’t make a cup of hot tea off their own bat. The secret is that at the age of 55, the cost of long term care insurance is much higher. Let’s compare.
If you are 45 and you apply for long term care insurance, you will pay approximately $2,500 per year. You will be able to get $6,000 every month. But making the same kind of a deal if you are 50 will cost $3,800 per year to get that very amount of coverage per month. Besides you must pass some medical tests before you will be able to get this policy. Be sure, that when you get older, you are more likely to be denied. You can save more money, if you apply, till you are young. That is the basic principle for money savers.
And now let’s discuss what you have to do to get this insurance. Is it possible to be satisfied by your deal?
How to Purchase Best Long Term Care Insurance?
If you watch an advertisement on TV, then you know that buying an insurance policy is the easiest thing in the world (at least it seems so). Just fill in the application, pass some medical tests and prepare several thousand dollars per year to pay the premiums. Of course, the process of purchasing is easy and quick. But how to do it and not to regret later? What steps to make to provide you for everything necessary in future?
To find best long term care insurance, you must compare the rates of different companies. You know, that the best actress for Angelina Jolie is Angelina Jolie herself as well as the best insurance company for your agent is that one, where he is occupied. Try to find independent and professional agent and discuss the following questions with him.
- Is the period of time, when the coverage is paid limited or not? (Different companies offer different period of time, when they pay the coverage, starting from 3-5 years and more. This period may be unlimited).
- Is my existing health acceptable to make this deal? (Knowledgeable agent will tell you that very moment, what is acceptable and what is denied. If he is in doubt, refuse from his service).
- What insurance companies can you recommend to me? What are their rates? What is the amount of daily payments I can get, when I become disabled?
After the discussing of these questions, you can choose the service provider and sign a deal.
Long Term Care Insurance Providers
Do you look for the service provider with the offices all over USA or just in your state? Do you need the personal contact or you are ready just to make some phone calls? Different service providers satisfy needs of different clients. You have just to find the best for you. Here are three the most reliable and popular long term care service providers for you.
- Genworth. This company is probably the most popular in this area. They work for long and are considered reliable and honest. Very often they are ready to provide coverage even at their loss in order to fulfill all the conditions of the deal.
- Metlife. Another popular company that has offices all over the world. If you prefer to attend your agent personally and not to contact with him online or on phone, you can easily choose this company. They have multiple offices in every state, in every city or town.
- MedAmerica. This company is suitable for those, who don’t like to buy blindly. They offer comparison of different insurance plans, offer thousands of different options and try to treat every client individually to make him satisfied and calm.
As you see, it is not hard to sign the deal. It just demands some time. And finally you meet the moment, when you sign your policy. Then you have to make your premiums accurately.
What to do, if you are certified as disable? That very day you must write a claim to your insurance company that must be approved during 60-90 days. After that you will be classified as disabled by the doctor and your long term service provider will send a caregiver to you.
The last years of life may be very hard or golden. It depends on the investment that you make when you are young.