Why should one invest in long-termcare insurance?

Do I really need long-termcare insurance? I am perfectly healthy! Are the first thoughts which arise in every person's mind before making the investment towards something which is long term. Now firstly let's understand what is a long-termcare insurance? It is an insurance product which helps in paying off the cost of long-term care. Long-term comes into picture when a person needs assistance for performing of day to day tasks due to chronic illness, injury, disability or aging process. Any person at any point of time at their life may require long-term care due to chronic illness or injury. Hence it is a sensible decision to invest on long-term insurance, so as to avoid oneself from long overflowing medical bills.

Let's dig deep as to why should one invest in long-termcare insurance?

10 reasons as why such an investment a wise one

1.   Health insurances are not enough:

The healthcare insurance or medical insurance one avails does not guarantee to cover the cost of long-term care in near future. A Medicare can only cover the full cost for care of about 20days and can go upto maximum to 100 days and beyond this, a person is on his own. Here a long-term care insurance comes handy for a better long-term care and hence qualifies this as a good enough investment for an individual. 

2.   Women have higher risks:

As per the latest report by the US Department of Health and Human Services, it was found that 70% of women at the age of 75 are either widowed or divorced and increasing there chances of requiring assistance in living their life or other words would require long-term care. Not only women in that case but any person turning 65 has 70 percent chances of needing long-term care. If you are women, without any doubt should opt for a long-term care insurance as part of their future investments.  

3.   The government cannot be reliable:

The government support through medical insurances can provide money at cases a person runs out of funds. Also in some States, one can not have more 2000$ as anasset under their or has various income limitations in accordance with family, age,etc. In short, one cannot rely on the government schemes for long-term care. 

4.   Wait can be costly:

Since long-term care insurance has its own limitations and one can avail it only when the person is the right health condition. Hence the longer one waits the chances of getting eliminated from the option is higher. Also with passing time, the options start getting more and more expensive rather than depleting. 

5.   Long-term insurance care cost would be higher in future:

The cost of long-term care starts getting higher with passing age and location a person is living in. Since with evolution, people are tending to live longer, with the longevity the need of long-term care is increasing along with the increasing cost of long-term care.

6.   Mental and financial security for your family:

Investing in long-term care insurance brings along mental and financial security for your family as you are securing yourself from not becoming a burden for your family in case of future chronic illness or injury.

7.   Have access to right long-term care:

With long-term care insurance, the flexibility of getting the appropriate care one requires and where one would need the care. From getting long-term care at the comfort of your home to getting the right long-term care facility, a good long-term care insurance can help secure it all.

8.   The tax cut and asset saving:

Last but not the least a long-term care insurance helps in tax rebate as it is tax-free, isn’t it worth the investment? Along with being tax-free it also helps save our assets which otherwise would have higher risks of depleting.

Looking out to invest for long-term care insurance, please visit https://www.magaltc.com/long-term-care-insurance/to get the right advice and long-term care insurance quote!!