Long-term care insurance- All your information is right here!
The
million-dollar question of all times is why, who and when you require a long-term care insurance. Eventually
every person would require a long-term care plan and to safeguard one’s future
care arises the need of long-term insurance. How what is this long-term care insurance all about? -
The answer lies that it is insurance product highly popular in US, UK and
Canada to cover the cost of long term care. It is usually not covered under
life insurances or Mediclaim’s. Long term care is opted for people who cannot
perform day to day activities as eating, bathing, dressing, walking, and
getting in or out of bed/chair. Aging is not a factor while looking for long term care insurances because from
surveys it is concluded that more than 40% of the population in the age group
of 18-64 are receiving long term care. As it is wisely said “Better safe than sorry”. So, whether you are gearing up for
retirement or just want to safeguard your long-term care in near future, start
looking for the right long-term insurance for you.
Now,
let’s have a look in to the essentials, who’s, when and whys of long term
insurance for better decision making.
10
must-knows for your need of long-term insurance:
➢ Check
out the maximum benefit limit which determines the benefits to be received
under the policy as most insurance companies do not pay out in lump sum rather
in small monthly limits.
➢ Depending
on the insurance company, your monthly limit and maximum benefit is set. These
two above factors determine how long will the benefits last. Our agency Maga limited-https://www.magaltc.com/long-term-care-insurance/
can definitely be of help for you.
➢ Determine
a growth rate which will determine how will your benefits grow over a period
➢ It
also comes along with an elimination period which means that it is the amount
which pay from yourself before the benefits are received which is set as number
of days instead of dollars.
➢ It
should be availed by everyone without making age as a determining factor.
➢ Hybrid
policies are available which combines life insurances with long term care insurances which entitles you and your nominees to
receive the benefits at any circumstances. It helps in speed up benefits.
➢ The
best time to buy a long-term careinsurance is when you are younger as with age the premium amount increases
and limits your coverage of benefits.
➢ Certain
health factors can restrict eligibility for long term care insurances
➢ Tax
savings can be achieved by having a long-term
care insurance through health saving accounts, small business deduction
etc. Your CA can assist you with this in a better way.
Since
now we are aware of everything related to long term care insurance, time for
some action. In order to raise a quote, one can do so to Maga limited-https://www.magaltc.com/long-term-care-insurance/
, reputed long-term care insurance
agency and long term care planner.
In
short, recent changing times have made long term insurance widely common among
people of all age groups. Surveys have also come across with the fact that now
days with people living longer, securing their future has become equally
essential. As compared to so many available medical insurances yet long-term care insurance scores high.
So, remember to opt for one when time is right to keep your future out of
harm’s way.
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