Qualifying age for Long term care insurance

Posted: Mon Jul 21, 2008 11:24 am Post Subject:

if you need helps to perform your Activities of Daily Living or the ADLs, you may receive the benefits under the long term care plan.

The importance of long term care insurance coverage has grown with time, mainly because of the rising costs of health care facilities. Studies have shown that the average cost of hospitalisation in America for a year may cost around $50,000 annually. Long term care policy not only covers expenses for nursing home care , but also pays for day care expenses, hospice care and assisted-living at home.

We normally neglect planning for our old age but the statistic shoes that in coming days every one out of two senior Americans may need elderly care protection.

Regards,
Dorothy

Posted: Wed Aug 06, 2008 07:46 am Post Subject:

Hi all, sorry to butt-in to this wonderful discussion on long term insurance, but I'm of the impression that long term care plans often don't offer what they promises to. Also, the cost of premium is beyond the reach of many salaried household.

I'd like to know, who exactly can afford the LTC plans. and, how to find a cheap LTC plan?

Thanks to all

Posted: Wed Aug 06, 2008 09:17 am Post Subject:

Hi ruddy-goody, your butting in is perfectly alright. I think you have asked a very useful question, ‘do the long term care plans always offer what they promise?' it has remained an issue of discussions for quite sometime now.
The longterm plans though ideal for the population nearing their retirement age, may not be the right option for young professionals. That is because,

• Saving for the retirement may remain first on their priority list
  
• Life insurance should come second, since it'll replace the income in case of his/her pre-matured death.
  
• Investing on disability income plan may be a wiser choice, as long term plans don't have this benefit incorporated in it. Also the probability of suffering disability during their working age is higher for the young adults.

Posted: Wed Aug 06, 2008 09:43 am Post Subject:

One can put forward the argument that purchasing the LTC policy at the early age will save money on behalf of the customer, while this is true, the customer also is losing in terms of opportunity cost at the same time.

Also, very few of the young customers continue paying for the coverage for the entire term. Many allow their policies to lapse during this period and thus lose out both coverage and their investment.

~Jeremy

Posted: Wed Aug 06, 2008 10:02 am Post Subject:

Hey, if you're gonna wait till you get older to obtain long term care insurance coverage, aren't you risking your future by doing so? You may fail to qualify for the long term care benefits when you actually intend to purchase one.

As you grow old, you may develop health conditions that can ruin your chances of getting a policy.