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It’s definitely easier to allot money for the annual premium of a long term care insurance policy than to save up for tomorrow’s cost of LTC. The industry has predicted big odds for a yearly increase in the rates of LTC facilities and thus urgency in securing a long term care plan even though you’re still 15 years behind the retirement age is required. Survey has it that 30% of Americans have less than $1,000 in their bank account so how can they possibly pay out-of-pocket for their future expenses from long term care? If you’re going to rely on the government, you might be one of those who won’t be getting quality care since Medicaid has as of late covered 43% of the country’s total long term care expenses. The government wants to trim down Medicaid’s expenses and that is why it has partnered with private insurance companies that offer LTCI policies. There is no doubt that a big percentage of the total elderly population won’t have to spend down on assets because they hardly have any at all and thus immediately qualifying them for Medicaid assistance. Unfortunately, it has been reported that as the number of individuals requiring Medicaid assistance grows the faster will government funds dry up until there will be none left for future use. Last year, the government has allocated more than $100 billion to states so they can pay Medicaid costs. With a long term care plan, you will not be among those worrying if they can still be accommodated by Medicaid. Planning for your future is pretty much simple if you start your homework early. Starting My Long Term Care Plan Health experts advise the general public, and this includes everybody not just the baby boomers, to think of how and where they want to grow old someday. Let’s face the fact that nobody stays young not to mention lives forever, but we can make our aging phase pleasant, easy and problem-free if we plan it. Contrary to many people’s misconception, a long term care insurance policy is not designed only for the well-off. Ever wondered why insurance companies provide people payment method choices and the freedom to dictate what they want their LTCI policies to stipulate? You are even made to choose between a monthly or annual premium. Unfortunately, if you decide to buy an LTCI policy later on in life, perhaps when you have reached the age of 50 or 60 you will hardly be allowed any privileges. Those individuals who are younger than 60 years are given more leeway when they purchase an LTCI policy. This is especially true for the partnership LTCI program. They automatically get a 5% inflation protection with their partnership LTCI policy. Older folks get either a simple inflation protection or none at all. Apart from the many benefits which one can enjoy if he secures an LTCI policy early on in life, he can also ensure his family of a peaceful and happy life ahead. None of his children or other relatives has to face the risk of ending a blossoming career to take care of someone who has deliberately neglected his duties to himself. Visit CompleteLongTermCare.com to get helpful articles on long term care plan and tips on how to save on long term care insurance premiums.
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