Long-term care insurance is for the protection of individual and family investments. People tend to assume that insurance is going to be expensive when it comes to protecting your financial security. But it's worth the investment in this case once you know what you can loose.
This insurance is marketed as a planning tool and one hope that it would never be used. There is similarity between this insurance and auto insurance, where you pay for protect against possible injury or damage. It s an investment that helps you hold on to your fortune once you enter into a long term care facility. LTC pays for nursing homes and rehabilitation facility expenses most people don't consider will ever happen to them.
Due to the baby boomer era, 20 % of the population will be over 65 years of age in the next 30 years. Based on statistics, at least 25% or more will require long term care.
Comprehensive Range of Long-Term Care plans offers
|
It is estimated that there are around 20,000 to 30,000 LTC homes in the United States. The widening flood of Americans later life guarantees that long-term care facilities will be the 21st century growth industry. The market which was $86 billion in 1996, is expected to reach $490 billion by 2030.
Its a 50/50 gamble on purchasing LTC insurance. More and more people over the age of 65 need health care insurance. Planning ahead can save individuals from their entire fortune being eaten up by the high the cost of long-term care facilities. Based on the cost of long-term care facilities, you might want to consider LTC insurance.
Insurance companies show what someone would pay by not having LTC insurance. They also use the words like What intelligent buyers need to know , making you feel stupid if you don t buy. However if you can afford the premiums, purchasing LTC insurance would be a wise investment. Buying LTC in your fifties will offset increase premium cost as you get older.
The product planning of LTC insurance offers the buyer the following benefits:
 Financial Security
Peace of mind
Excellent premiums if you buy in your early fifties.
Here is a S.W.O.T. analysis of LTC
Strengths
Protects the Elderly income and finances
After the first 90 days in a LTC facility, the insurance picks up the cost 100% from then on.
Gives peace of mind
Weakness
Very costly insurance if you wait until you are in your 60 s.
If you don t take the inflationary package you could be responsible for some of the care cost.
You pay for years, then you are forced to stop paying for some reason. Here you would loose everything
you put into it. When you start up again it will be at a older age premium.
Opportunities
Buy LTC early in your 50 s
Take advantage of inflationary policies.
Cheap enough is you buy early to put both husband and wife on separate policies.
Threats
Company could go out of business if you re not with a reputable insurance carrier.
Will there be space in a local facility when you need it?
|
