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Long Term Insurance

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Understanding Long Term Care Insurance

Introduction

Long Term Care Insurance (LTC) protects policyholders from a myriad of costs associated with dealing with various chronic conditions, particularly for those who can’t take care of themselves due to the disability that they face or due to an elevated age. Mostly, a person is considered eligible for long-term care if they can no longer execute at least two typical daily living tasks, such as basic hygiene, using the restroom, preparing and eating meals and so on.

Who Benefits

Those of all ages and walks of life are encouraged to obtain insurance for long-term care. Though that certainly is true, this kind of coverage is more often put to use by those who are beyond the age of retirement. Obtaining this protection as part of a workplace benefits package can help workers plan for future costs of retirement and can help them secure their financial well-being should they ever require the kind of extended care this coverage provides. Contracts vary but, with the usual LTC insurance, payments are made available for a myriad of costs that are not covered by other plans.

Long Term Insurance Importance

Few would wish to place the burden of care, both financial and otherwise, upon loved ones if stricken with a debilitating illness or in the case of incapacitation due to old age. Fortunately, it can be done at a cost that is surprisingly reasonable.

Conclusion

Many will have no clue as to how expensive this kind of intensive and extended care can be. Being a resident in a nursing home can lead to out-of-pocket costs of up to $100,000 on an annual basis alone. Employing a home aide to provide care may save money, but is still a large expenditure, often meaning tens of thousands of dollars each year. This often will add up to frightening levels and easily overwhelm a family. This can lead to a quality of life in one’s final years that is unpleasant and stressful. It also means that one will have no legacy to pass on. This is exactly why LTC can be such an important choice for people.






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