|
Middle class members of society who maintain an eight to five job, or perhaps operate a small business, and can buy some of their whims can absolutely afford long term care policies. These people dwell neither in mansions nor in shanties, but in average homes suitable for domestic bliss. Long term care policies are not designed for people with overflowing assets or billions of cash in the bank, as they can definitely afford to settle their expenses out-of-pocket. People earning a monthly wage that is below poverty level are unfortunately not potential candidates, too, for they have to maintain an annual premium that could range anywhere from $1,000 to $5,000. Going back to the middle class, though they are the ideal market for long term care policies, they should weigh their options very well before deciding which LTCI policy to purchase. There are many instances when a policyholder had religiously paid her premium for 15 to 20 years, but due to a family emergency she missed just one month and ended up not getting her claims. Whether we like it or not, insurance is not all about charity because a big portion of it is strictly for business. If you consider yourself a potential long term care patient, there’s no need to second guess the importance of an LTCI. It is, after all, a necessity not just another property investment. What Should I Consider Before Buying LTCI? Experts on the field will tell you that before the cost of policy, maximum cash benefit and period of coverage, the first and, perhaps the most important, thing that you should consider is the cost of long term care in your area. Once you have determined the long term care cost in your area, that’s the only time that you can decide on the maximum benefit and benefit period that you want your policy to cover. You can later downgrade or upgrade your maximum benefit to lower or increase your annual premium. According to the 2010 Cost of Long Term Care, a study conducted by insurance giant Genworth Financial, the cost of care in California, New York and New Hampshire is soaring ceaselessly. For a private room in a New Hampshire nursing home, you will have to shell out $98,185 annually, in California the maximum rate is $87,345 while in New York a whopping $116,800. Those who went for assisted living facility had to fork over $43,200 in NH, $42,000 in CA and $39,060 in NY. Even home care services in these states slashed pockets and bank accounts last year. Home health aide and homemaker services ranged from $44,616 to $53,768. Surprisingly, in other US states long term care seems to be the most natural thing in the world as it is offered at reasonable rates. For instance, a private room in a nursing home situated in Texas s relatively low at $58,765 annually while in Nebraska it’s only slightly higher at $66,613. For a one-bedroom assisted living facility in Texas, it will cost you $36,000 per year and $40,680 in Nebraska. The cost of living in each state definitely equates to the cost of long term care, so if the standard of living in your place is high, it would be wise to gradually set aside money for your LTC premium. ----------- Get accurate estimate of your Long Term Care insurance premiums and understand the benefits of CLASS Act by visiting Complete Long Term Care website.
Related Articles -
long term care insurance, long term care insurance quotes, ltci, long term care costs, united states long term care, ltci resources, complete ltc,
|
