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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