Strategic planning begins with a set of long term care quotes from the major carriers of long term care insurance (LTCI) policies.
Major LTCI carriers pertain to Genworth Financial, MedAmerica, Prudential, and others who are in the same league. Trust only companies with an excellent track record especially in the area of paying out claims, otherwise you could end up throwing away money.
There is no denying the power of LTCI in the long term care (LTC) arena as it is the only product that provides financial protection aside from full or partial LTC coverage. Other types of LTC plans will let you receive care in exchange of something that is valuable to you and your family.
So, would you go for a plan that promises only one benefit or another one which ensures you that everything you’ve worked hard to acquire shall be protected and passed on to your loved ones?
Of course, everybody prefers the one that guarantees financial protection besides long term health care coverage. Unfortunately, LTCI policies are not cheap. Premiums can wipe out your assets especially if you go for the ideal comprehensive policy which is comprised of a long benefit period, high maximum daily benefit, short elimination period, and a 5% compound inflation protection.
Perhaps with an annual income that exceeds $ 75,000 you can manage to buy that kind of LTCI policy, but if you’re living on a daily budget you have to study every variable stipulated on the policy before signing it.
Long Term Care Quotes Will Lead You to the Right Policy
Although there is such a thing as an ideal LTCI policy, there is no wrong policy. Most prefer the comprehensive LTCI policy, but to each his own that is why there are buyers of facility-only policies.
Once you know exactly what you’ll need in the future health care wise, there is no reason to overspend on an LTCI policy just to be certain that you will receive the care that you expect.
No need to see a fortune teller and have her read your future, instead, look up your family’s health history and visit your doctor. If the current state of your health is good but your family has a history in a debilitating disease you have to consider that information in your plan.
If you disregard the possibility of acquiring that health disorder in the future, you could wind up spending more out-of-pocket and your LTCI policy will fail to serve its purpose. Look at all the possibilities because if you settle too soon for what you like rather than what you will need, you won’t be able to avoid the financial pit completely.
According to the U.S.
Department of Health and Human Services, some 40% of the total population 65 years old and older will enter a nursing home. You may or may not be one of this 40% so wouldn’t it be nice to be prepared if ever you turn out to be on the list?
Long term care quotes will serve as prelude to your actual LTCI policy but they are more advantageous as you can do all the necessary adjustments that you deem necessary for the sake of your future. Meanwhile, once you’ve affixed your signature on your policy there is no turning back.
Saab Kemp is a web writer who has written volumes of articles for various industries. Her expertise are on health, finance, business, home and family. Learn more about long term care quotes