| Long term care needs are to be considered | | | | choosing the best coverage possible. |
| when young and not after aging. It is | | | | |
| important to plan for health care when old | | | | 5. Buy a long term care insurance policy that |
| early in life. | | | | is qualified under the health insurance |
| | | | portability act of 1996. Qualified policies |
| Long term care insurance provides protection | | | | are eligible for tax deductions and pay out |
| and care for the retired, elderly, and when | | | | tax free benefits. |
| unforeseen health problems arise. | | | | |
| | | | 6. Buy a long term care insurance policy that |
| Long term care insurance protects savings and | | | | is guaranteed for life so that the policy |
| assets when illness that requires extended | | | | cannot be cancelled if you fall ill. |
| care occurs. Premiums for long term care | | | | |
| insurance are steep and you need to plan | | | | 7. The long term care policy you purchase |
| carefully when purchasing an insurance | | | | should not require hospitalization. The |
| policy. Extended hospitalization or nursing | | | | policy should cover home or nursing home care |
| needs are rarely covered by Medicare, Medigap | | | | too. |
| or private medical insurance. The annual | | | | |
| costs of a long term care insurance policy | | | | 8. Buy a long term care policy that is |
| could be between USD 400- 3000 a year. | | | | comprehensive from a company that is reliable |
| | | | and has been in the business for several |
| Here are a few suggestions from insurance | | | | years. |
| experts: | | | | |
| | | | 9. Always check the insurer's financial |
| 1. Take long term care insurance policy when | | | | strength ratings before buying a policy and |
| you are young say around 30. It's not just | | | | also check whether the company has any |
| cheaper but protects from unforeseen | | | | consumer complaints. |
| incidents like an illness or accident. | | | | |
| | | | 10. Ask the insurance company to send you a |
| 2. Think about group coverage instead of | | | | draft policy for reading through before |
| individual. Ask your company whether long | | | | buying along term care policy. Read the |
| term care policies are offered as optional | | | | policy carefully with a list of points that |
| benefits. | | | | need to be checked by your side. |
| | | | |
| 3. Insure yourself and the family: spouse and | | | | Buy a long term care policy knowledgeably and |
| parents. | | | | educate yourself by reading articles, tips, |
| | | | and guides available online written by |
| 4. Think about aspects like waiting period, | | | | insurance experts. |
| benefits, and so on. Take expert advice on | | | | |