Long-term care insurance-Benefits and Risks
Future
investment of any kind always brings along its own set of pros and cons. Long term care insurance have been much
talked since their inception making it essential to weigh its pros and cons
before jumping that road. Since this insurance eliminates the high end
expenditure one would incur in case unfortunate health event in future, it has
been marketed highly by insurance companies at par to their benefit. Keeping
this in veiw ,the long term insurance care market has swelled up since year
1990s. Some companies offered benefits which could not be supported by premiums
while some companies priced the policies quite low. So, before reaching to any decision one
should be able to answer the question whether it is going to be good investment
or not. In order to be able to answer this question, let's go through the pros and
cons of long term care insurances and
make comparisons to reach to rightful decision.
Benefits:
●
Long term care
beyond the age of 65 has become expensive with time. Long term care insurance secures your money while meeting your
future needs.
●
It is much
cheaper than saving your money and paying for future long term care needs.
●
Long term care
insurance are tax free
●
Once the customer
qualifies, the policy cannot be cancelled irrespective of the policy holders
physical, mental condition etc.
● Provides one with
financial independence as far as long term care is concerned.
●
Through long term care insurance one can
customize the type of care one wants unlike other mediclaims which are
restricted.
●
One has the
flexibility fill in its basket of
services like visiting nurses to
home-delivered food to aid for daily chores etc to the policy
Risks:
●
Just opting for a
policy is not the only solution, alongside arrangements like stay with family
or shifting to community care facility etc
have to be done for long term care.
●
Most policy plans
have strict restrictions to qualify for coverage under long term insurance care
●
It is pricey. On
an average a 60 year old couple has to be pay around $ 2170 which provides an
$150 daily benefit for upto three years.
●
People with
pre-existing conditions of Alzheimer's disease, Dementia, Multiple Sclerosis,
Parkinson's disease are denied policies.
●
Extremely need
must arise for a policy holder to start receiving benefits.
●
Some policy plans
have limited scope of elimination period, making it less likely for
policyholders to avail the benefits.
●
Rising premium in
the span of policy
Have
the jotted down benefits and risks confused you more? Are you still questing as
weather long term care insurance is for you or not? All these questions can be
further and better answered by visiting MAGA LTD-https://www.magaltc.com.
Here there sole moto is towards the right information and better adjudication.
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