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Who Benefits from Long Term Care Insurance?

By Compuquotes Team on April 1st, 2008

Long Term Care

This isn't always an easy question to answer. Obviously, as we age, our bodies generally begin to break down. However, there are some chronic illnesses and conditions that can strike at any age, though the chances increase as you get older.

The simple fact is, everyone needs to consider long term care insurance. However, as we age, that consideration needs to become serious consideration. If you know you don't have the money set aside to pay for long term care services, it would be wise to invest in long term care insurance.

A basic rule is that if you're under 55, there's very little pressure to take out long term care insurance. Between 55 - 70, the risks begin to increase, and serious thought should be given to taking out a policy, while you are still healthy enough not to be excluded by the insurance company's terms and conditions. From 70 onwards, the chances of requiring some form of long term care increase dramatically, however by this stage, you may be excluded from taking out coverage.

Nobody likes to think that they may become dependent upon someone else in order to function on a daily basis, but there is a high chance that the aging process will cause this situation to occur. As you near retirement age, it is vital that you begin to think about taking out long term insurance coverage.

Even if you have private health insurance, long term care is not normally part of these types of policies, so you may believe that you are covered when you are not.

The Henry J Kaiser Foundation published a report which shows that more than five million people aged between 18 and 64 require some form of long term care, so the reality is that no one can really fail to at least consider taking out long term care insurance.

However, it's not all bad news. If you're young, but do want peace of mind, it's possible to take out policies that won't cost the earth. Before the age of 55, you could benefit from one of the following:

  • Nursing and Home Care Insurance

While this will not provide full payment coverage of any long term care services required, a large percentage of the costs will be covered, and the premiums for this type of policy are much lower than a complete Long Term Care Insurance policy.

  • Home Care Insurance

Again, while full coverage is not provided, a large percentage of any long term care services carried out in your home are covered. This is an even cheaper alternative to the nursing and home care insurance coverage.

This type of coverage is not likely to be needed by those under 55, but it is available for your consideration.

The simple truth is, there is a chance that everybody could benefit from long term care insurance. If you're lucky enough to have a large savings amount put away, then you can probably forgo a policy, but with costs of living increasing, most people cannot afford to both live, and pay long term care services costs out of hand. Long term care insurance provides a safety net that allows you to continue living at an acceptable standard while receiving the care that you need.

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