It’s normal for individuals to often mistake some of the financial products for long-term care insurance policies. However, the comparison between the two kinds of products should never be entertained because one happens to be of more significance and vitality compared to the other. Long-term care insurance is an essential product that offers security for individuals in their older ages when they are weak and require a lot of assistance from the people around. Additionally, the policy also covers the risk of an individual becoming disabled at a young age, which would necessitate constant attention for their survival. With this understanding in mind, it’s a no-brainer; a long-term care insurance policy is an essential component for retirees, and any individual at the age above 50 years. Below are some of the questions that one should ask themselves to determine the necessity of such a cover:
Will you require long-term assistance?
Almost everyone will need some personal care at some point after the age of 65 years. This would vary in duration and nature of the required assistance. The family members would provide some of the support since for one to qualify for the aid from the long-term care insurance, they must be deserving assistance in three of the following daily activities: bathing, eating, dressing, using the washrooms, and lastly, the condition must persist for a period of more than three months. This could be an expensive cost especially if the situation stays for a more extended period.
Will the government cater to the costs?
There is often a considerable confusion about the government intervention in the case of long-term care requirement. The truth of the matter is that the government, through the available medical plans, will only cover a small portion of the nursing expenses whenever the patient is bed laden in the hospital. Other long-term care services will have to be provided at the family level if the patient never purchased a long-term care insurance coverage.
At what time should you purchase?
Buying the LTC policy at a younger age will result in the policyholder paying less premium per month than buying when you are very old, probably at age 65. However, if you purchase at age 65 while still in a healthy condition, you will have the advantage of paying the premium for a shorter period, but still, enjoy the same benefits. It’s therefore advisable for the customers to weigh their options appropriately for them to ensure that they are already covered before the onset of the old-age illnesses.