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Just like clothes, shoes, cars, and practically all the other things in your life, long term care quotes can be customized, too, to fit every individual’s needs and budget. There are many factors to consider in personalizing your LTCI policy. Among these are your family’s health history, your present health condition, choice of maximum benefit limit, maximum benefit period, inflation rider, and state of residence, among others. These factors explain why there are no uniform long term care quotes. Perhaps, only those who are neither curious of their policy’s coverage nor particular about their premiums have similar LTCI rates. That, however, is very rare because people nowadays think many times before purchasing a long term care insurance policy. They want to be sure that it would be worth the money they pay out otherwise they would just settle for Medicare and Medicaid. Unfortunately, Medicare and Medicaid are not primarily designed for long term care, plus these federal government health programs will only pay a portion of your medical and LTC expenses. You will either have to fund for your LTC expenses out-of-pocket or spend down your assets to qualify for eligibility to both health programs. Securing yourself long term care insurance will ensure your future health care and LTC needs will be completely covered. That, however, would still depend on the extent of coverage that you want. Some individuals prefer a policy that would only cover a certain amount of expenses which they could probably incur from nursing home care, in-home care or services from an assisted living facility. Majority of them, however, would still go for a policy that will cover the total expenses of their long term care. Insurance companies need to know the exact requirements of a client so they can provide accurate Long Term Care quotes. For instance, preferring a policy which will only pay 50% of your benefits if you receive care at home will definitely cost lesser than one which covers 100% of your benefits even if you choose the home care setting. Apart from the setting, the cost of your LTCI can also be determined through your choice of care providers. Some people would rather have their relatives take care of them than hire home health aides or a nurse. If this is a serious requirement for you, scout for companies that offer this option since not all policies would pay a policyholder’s family member or relative. Another thing that can trigger an LTCI premium to go up is the inflation rider. Although an LTCI policy integrated with this feature is more expensive, policyholders who opt for this will be protected from the continuous rise in long term care cost. For instance, if you have a 5% compound inflation rider you can expect your maximum benefit limit to increase by $5,000 every year. So if your current maximum benefit limit is $100,000 imagine how much you’ll have in 15 years with an inflation rider. You definitely have many options with Long Term Care insurance. So next time someone tells you paying for his policy is drying up his assets and savings account, chances are he didn’t analyze or weigh the options that were served to him. ------------------------ Complete Long Term Care is a resource website where you can find everything you need to know about Long Term Care insurance and some useful tips on how you can save on your Long Term Care insurance premiums.
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