Have funds under savings? Is long-term insurance for me?
Long-term care insurance! Is the insurance policy which is designed solely for the coverage of long-term care. Long-term care is the assistance needed for the day to day activities of a person due to chronic illness/injury or aging. Now with this, the first thought which comes into a person mind is that- Already I am saving for my future, have set my retirement goals, do I really need to purchase a long-term care insurance? I have my savings and my family is there to take care of me in the future are the first things which tend towards dismissing the decision of purchasing a long-term care insurance. There is a constant doubt in every individual mind towards whether to contribute a sum of money now towards the insurance for potential cost down the road, or just the savings would do the job. A living facility or a hospital bed would cost around 20,000$ per person, isn’t this high? Not only will it tend towards depleting your savings but also let you compromise your care. Here long-term care insurance comes as the answer and your savings would not be enough to suffice it. Another form of policies such as Medicare just covers the provision of medical care for about 100 days in a nursing home or comes into picture when all your savings have been exhausted. Doesn’t a long-term care insurance comes as an ideal solution in such scenarios.
Now if you fall under these following categories, then without any dilemma one should opt for a long-termcare insurance
- · If you do not have enough income to cover both your expected retirement lifestyle and long-term care insurance premiums
- · If you want to leave back your assets for your heir
- · Do not have enough asset to self-suffice in the near future
- · Have a history of illness such as Alzheimer.
Without any further wait, one should look out for options of long-term care insurance for a secured future. As it is said, one who has paid the premiums and availed the benefits from the policy latter has to regret with the investment. Also, no one is lucky enough to not require the benefits of the long-term care insurance policy. Instead of pushing ones saving into the hole of long-term care isn’t it better to invest your savings towards a better retirement lifestyle when you have your long-term care insurance to do the job for you? A question worth the analysis!
Yet having further doubts, you can check https://www.magaltc.com/long-term-care-insurance/ to get your queries answered and get the right advice towards a secured future