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Why Should I Choose the Federal Long Term Care Insurance Coverage?

By Compuquotes Team on March 27th, 2008

Long Term Care

Long term care insurance has been around for over three decades in a variety of forms, most often offered by insurance companies. However, there is also the Federal Long Term Care Insurance Program that some people are eligible to apply for. If you are eligible, the federal program may be smart choice for you to apply for, for a variety of reasons.

Long term care insurance, on the whole, helps to protect your future and your assets if you should require long term care services when you're older. Most health care insurance programs do not allocate for long term care insurance, and if they do, the coverage is very little and does not cover many of the costs. The federal program offers a variety of features:

  • It's sponsored by the US Office of Personnel Management.
  • It's backed by the stability and strength of MetLife and John Hancock.
  • The benefits of the federal program are designed specifically for the �Federal Family� members who are eligible.
  • It has a competitive group rate.
  • It offers personalized assistance.
  • It offers convenient payment options.

There are many different long term care insurance offers available for you to look at, and if you are eligible for the Federal long term care insurance program coverage, then it may be wise to take a look into it. Long term care insurance policies can be quite costly, but there are many considerations for you to make before you sign up for any policy.

The younger you are, the cheaper your insurance policy should be. For insurance companies, the younger you are (hence, the further away your long term care needs may be), means cheaper premiums for you. These premiums stay solid throughout the term of your policy, so obviously, it's better for you to have insurance at the age of 50, rather than getting it at 70, when the cost of your premiums will sky rocket in an effort to cover the potential long term care services you will need.

There is something though, to consider if you are a younger person applying for long term care insurance - the costs of your premiums and the benefits are based on today's prices and today's world, which means, that the benefits that are suitable for today, for example $100 a day, may not be suitable for 15 or 20 years from now. IN this case, you may want to purchase a long term care insurance inflation rider.

With two basic types of inflation riders, simple, where the interest is given each year based on the original benefits, or compound, where the interest is given each year on the total benefit to date (including interest raised from previous years), you can ensure that your needs will be met when you do need long term care services down the road.

Take a look at all your options and weigh them carefully - remember it is your health, future and finances that you are deciding on, and this decision is a heavy one. Be sure to make the correct one for you and your family.

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