Long term care insurance is highly advised for those who are approaching old age. Why long term care? I already have a life insurance policy in place to look after my family, isn't that enough? Of course it is, for your family. But long term care insurance is for you. Contracting crippling illnesses is an eventuality as you are getting old. Bearing long term care insurance cost would ensure that you have a place in a good nursing home or can even employ a private nurse to suit their needs. Even healthy people in young or middle ages tend to need long term care at times. The reasons could be anything from a major accident needing months of round-the-clock care to cancer, paralysis or other dangerous diseases that could strike anyone. You would be surprised to learn that the ratio of people needing long term care at some point of their life to those who don't is 1:2. And at least 70% of people above the age of 65 tend to need long term care as well.
The figures are so staggering that realistically, the long term care insurance cost shouldn't even matter when compared to the crippling burden long term care could levy on individual finances. People tend to hesitate considering the costs of long term care insurance in addition to normal life insurance, health insurance, etc. But do they realize that having to afford long term care at the expense of family income could deplete a lifetime of savings? Granted long term care insurance is another burden on the finances, but the results could be very gratuitous in the sad case that a claim had to be made. Besides there are ways to optimize the costs of long term care insurance.
Firstly, the cost would depend on the type of long term care you are seeking. If you are a septua- or octogenarian, you might need nursing in the future. This could be in a nursing home, an adult day-care or at your own home. The costs for each service would differ and so would the cost of insurance. The time limit of long term care is the next influencing factor and then your current age and health conditions. The number of activities of daily living (ADL) that you will need to be assisted with is another determining factor of the cost. In addition, your choices in policy like the length of elimination period (how long can you pay out of your pocket before the insurance company takes over?) and inflation adjustment (you cannot expect the dollar value to remain the same!) would affect the cost of your policy.
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