Why You Need Long-Term Care Insurance

Folks used to buy long-term-care insurance as they were scared. Now it is the policies themselves that are keeping buyers awake at night.

Long term care insurance is diverse from a regular health insurance, because it has additional benefits not covered by usual health care services. In this case, it caters to those who are unable to execute some daily living activities. There are a number of factors contributing to the unstable growth in long-term care insurance premiums. 

Long term care insurance isn’t nursing home insurance. Think of it this way, if you have a chronic disease or become disabled and can no longer care for manually for an extended time period, you will require long-term care services. Long-term care insurance can help you pay for the care you need, in the setting you’d prefer, such as your home.

Depending on family for long-term care is the one option most experts don't advocate. "It looks free, but there are enormous charges. Care giving can be physically and financially demanding and it may lead to resentment and broken relationships within a family unit.

Long-term care insurance is pricey, but it's not the only way to pay for senior care services. Consider your options to find the right solution for your family, but don't linger too long. The earlier you start saving, the more safe you'll be later in life.

Long-term care insurance can keep families from financial ruin when an elderly parent requires long-term care in a capability such as assisted living or a nursing home. Though, like other insurance, there are various different policies available, some good and some poor. A policy with poor conditions and limited coverage can be a waste of money. If you or your parents are going to get a long-term insurance policy, make sure it has good provisions regarding premiums, types of coverage, inflation protection, eligibility and exclusions. Furthermore, there are plenty of influential artists who sell fake insurance policies that your parents don’t need or policies that sound like they provide great coverage but really don't.

At MAGA Limited, we focus exclusively on Long Term Care Insurance (LTCI) and LTC Planning. MAGA advisors work completely in the long term care planning field, and we stay informed on the newest products, solutions and long term care planning details so that we can offer the most up-to-date and truthful information to our clients.