Every year more than 10 million people are searching for long term care insurance companies to help them with their special needs. No one looks forward to the day when they can no longer manage many of their personal needs, and so when this time comes they are passing through a very difficult phase in their lives. So, finding the right company that will be sensitive to their delicate situation is essential. Taking the time to make sure that the company you choose will be able to meet your needs will be key to whether the next phase of your life will be filled with dignity or not.
Who Needs Long Term Care Insurance
Usually long term care is for many elderly people who have reached the point where they can no longer independently handle even their most basic needs. The older you are the more likely you will need assistance with things like bathing, dressing, toileting, or even mobility. Many times these services can be quite costly, so making sure that you have enough insurance to cover these expenses will weigh heavily on the quality of care you get. This type of coverage is not usually included in your regular medical insurance so you will probably have to purchase a separate policy for this added for the added protection.
What Insurance May Need to Cover
The basic needs of your coverage will depend on many factors and can vary from one individual to the next. Factors that will weigh heavily on this point are whether you will need the care at home or in a specialized facility. As you get older and begin to reach those years where the service will be needed, you can begin preparing by creating an advanced care plan.
What You Need to Know
Basically, there are three questions that you should know the answer to before you purchase this type of insurance. How much will the policy cost? Are there ways to save money? And what is the best age to start planning?
Since most of insurers will only cover those in relatively good health, the earlier you start to plan for this coverage the better your chances of getting a good policy. The cost of the policy will depend on a number of things ranging from your age, gender, and current physical condition. It will take time for you to shop around for the right plan and the best rate. Most people begin planning in their early 50s and expect to use the services sometime in the mid 60s or older. It is advisable that you begin comparing long term care insurance companies about 30 – 60 days before your birthday to lock in your lower rate.