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In spite of the rise in long term care insurance (LTCI) premiums by as much as 40%, the sales of combined life insurance and LTCI policies rose to 92% in the past year according to LTCI specialists. This just proves that a huge percentage of the 70 million elderly past the age of 65 who will need long term care anytime soon are taking the requisite measures to ensure the security of their future should there be another wave of long term care quotes. Apart from the figures of long term care facilities that were sung by the health industry, perhaps its prediction that some 40% of these elderly will be admitted to a nursing home; and that 20% of them will stay here for a maximum of five years prompted them to start planning their future. Unlike in the previous years, insurance companies offering LTCI policies these days have more factors to consider in order to be able to provide their clients with reasonable long term care quotes. Gone are the days when the basis of the price of one’s LTCI policy is simply the components that comprise it, such as the maximum benefit period, total amount of benefit, and elimination or waiting period. Nowadays, insurers have to put weight on the rates of LTC facilities as the prices of each seem to speedup yearly. If you’re not ready for the escalating rates of nursing homes, assisted living facilities, adult day health care centers, and home care, how in the world are you supposed to pay your LTC expenses? This question goes out to do those individuals who are doing nothing as they have resigned themselves to Medicaid and other federal or state funded health programs. Hasn’t the situation of Medicaid been constantly in the news as of late? The continuous growth of the population requiring Medicaid assistance poses a big problem right now as it won’t take long before the program’s funds will totally dry up. Medicaid has shouldered up to 49% of the nation’s aggregate long term care expenses so if the population depending on this program continues to grow at this rate, the country’s finances will no doubt be jeopardized. Dealing With Long Term Care Quotes While some members of the elderly population are cramming to secure LTCI policies, there is a group whose interest lies more on hybrid policies such as those that blend universal life insurance and LTCI. Aside from being cost-effective, these individuals who went for the life insurance and LTCI in one say they have the privilege to integrate a death benefit rider into their policies. According to them they see more logic investing into this kind of policy, as their heirs can benefit from it in case they don’t live to use it. They don’t see the same benefit from a pure LTCI policy. Surprisingly, there is also a group of elderly folks unfazed by the soaring rates of LTC facilities and LTCI premiums. Most of them are already receiving care giving services and manage to pay using the proceeds from the sales of their family homes. According to them, there are so many issues surrounding LTCI so they opted out of it. Once they’ve used up all their assets already, they simply reason there’s Medicaid and Social Security to catch us. Choosing the right long term care insurance? takes time and research. Before purchasing one, it’s a good idea to compare various long term care quotes from different providers.
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