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Long Term Care Insurance
The younger you are, the less you think about getting old or getting sick. With the emergence of new drugs and medical procedures, people are living longer and longer. While you may think you won’t get sick as you age, the reality is that nearly 35% of all people will need ongoing medical care by the time they reach 70 years old.
By 2030, 1 in 5 will be 65 years old or older. Perhaps you fit into that group. Getting older is not a bad thing. In fact, it is far better than the alternative of dying young. You want to make sure that you are properly insured in your later years to reduce the financial strain for yourself and your loved ones.
Cancer, diabetes, heart conditions and other things can be passed down from generation to generation. Exercising regularly and eating healthy can decrease your chances of getting sick but cannot eliminate your chances.
Do your parents have any chronic illnesses to deal with? If the answer is yes, analyze if any of their current conditions are genetic. If they are genetic, your chances of dealing with the same issues are much more likely.
So what does long term care insurance have to do with any of this? Before answering this question, it is important to understand what long term health care is.
Long term care insurance is an insurance offering sold in the United States and United Kingdom that helps pay for the cost of long term care beyond a pre-determined period of time. Keep in mind that long term care insurance will coverage extends your protection beyond what your health insurance, Medicare or Medicaid will not cover.
Usually, individuals that need long term care health insurance can be sick or sick and unable to perform basic life functions including getting dressed, walking, eating and other things.
If you are unable to take care of yourself when you are old, there are a lot of options to choose from. There are nursing homes, home health services, assisted living facilities and senior day care centers. Options are not an issue. By far the biggest challenge is how will you pay for this type of care? If you are not independently wealthy, a long term care insurance policy would make a lot of sense.
Keep the following advice in mind when considering a long term care insurance policy. First, work with a highly rated insurance company. Any company that is rated as a B+ or higher is considered a strong company.
Also, purchase a flexible policy. You should select a policy that states you are unable to perform 2 activities of daily living. Make sure that one of these daily activities is bathing. Over 90% of nursing home residents need help bathing.
Having a reliable long term care insurance policy will enable you and your loved ones a life free from a lot of financial stress and worrying.