Are You 3 in 4 That Need More?

If you are 65 years old or past this age and without a definite long term care plan you happen to be among the big population that needs to be educated in health care issues. Among average families, 3 in 4 need more information about the importance of planning long term care and the consequence you’ll have to face if you don’t.

Young and old citizens of the country cannot ignore the soaring cost of care which is hitting them right in the face. You’ve probably seen many elderly residents in nursing homes going bankrupt after using up their retirement savings and other resources to pay their LTC expenses.

The only saving grace of Americans nowadays is a well thought out long term care insurance (LTCI) policy. Without one you’ll need to prepare a nest egg that is worth a billion to afford the cost of care in the country. Unfortunately, the figures aren’t stable yet. As a matter of fact, financial planners and LTC specialists have warned everybody of the foreboded twofold increase in the rates of LTC facilities come 2026.

Just imagine how much you’ll need to fork over to LTC expenses if the current annual nursing home rate $77,745 doubles and becomes $155,490. Even home care which has reportedly maintained flat rates will join the bandwagon. Having said this, you will need to shell out $38 per hour for the service of a home health aide, while homemaker services will charge an hourly rate of $36.

3 in 4 Need More Information About LTCI

Having an insurance policy that is designed for long term care is like having a mom and dad to buy all of your needs and wants in life, only this one focuses on your health care needs.

This insurance product promises full or partial coverage of your LTC expenses at home, in an assisted living facility, adult day care health center, or at home. Your type of coverage will depend on your negotiation with an insurance company that is known for its high sales on LTCI policies.

Speaking of insurance company, see to it that the company from which you intend to purchase your policy is stable. Meaning to say, it has a good track record and you’ll manage to know this via renowned companies that provide ratings for insurance firms.

Some of the best insurance ratings companies include A.M. Best Company, Standard & Poor’s, Moody’s Investors Service, and Duff & Phelps among others. You can also inquire about the financial standing of the company selling you an LTCI policy to ensure your money won’t go down the drain.

Although LTCI has been a household word for many decades, 3 in 4 need more information about the basic factors that they should consider before shopping for a policy. If you just go with the single LTCI quote which was presented to you, there’s no doubt you’ll end up paying more than what you’re supposed to. LTCI is a business matter-of-factly, but if you know how to negotiate for your benefits you’ll find it very advantageous.

Get long term care ins to protect your assets and leave your savings intact. Visit our website to find more information about the 3 in 4 need more campaign.