As the saying goes, ?an ounce of prevention is worth a pound of cure?. Same should be applied in deciding to avail long term care insurance for baby boomers.
Most Americans are discouraged in availing long term care (LTC) as they fear the continuous rise of LTC premiums. However, people should also realize that LTCI is meant to shield seniors and their families from the escalating costs of nursing homes, assisted living facilities, and home-based health services. There are more benefits in preparing early, thinking ahead and purchasing a good plan.
Some of the baby boomers may think they have enough financial resources to pay for LTC from out-of-their-pockets, but with the unpredictable health care costs and health care hyper-inflation, these boomers may be stripped up of their assets. It is true that LTC insurance is expensive. One may have to shell out $1,000 to $3,000 per year for a typical premium. It is important to recognize that the chance of saving up money is higher when one buys a policy early where the premiums are more affordable. One can better save up by paying a controlled amount annually instead of an overwhelming loss in money when the unexpected arises.
Low income baby boomers have the same fears. While they may qualify for government assistance, what is unfortunate is that Medicare has no coverage for long term care and Medicaid requires one to wear out one?s assets first before qualifying. By purchasing long term care insurance for baby boomers early on, one can have sure protection and care. Money wise, one can also budget their financial sources in advance and customize the coverage limits according to their possible needs.
Baby Boomers are aware of the financial and emotional burdens brought by long term care. While a lot of Americans recognize the need for this special kind of care and services, only 44 percent have started planning to insure their health and ensure their protection. They know how LTC can help them with such problems, but still have fears and uncertainties in availing this policy.
However, studies also show that boomers are now beginning to consider the benefits of LTC plans especially on the financial advantages of coverage. 87 percent believe that it can help their families in paying expensive costs, 85 percent know how LTC can provide peace of mind, 84 percent see it as a way of keeping retirement savings intact, and 70 percent know it can still provide them the ability to leave inheritance.
Failing to get LTCI may result to a severe crisis in the family. It requires a great sacrifice on family members who have to stay at home to fend off for the ailing elderly. Also, it can create a dent on the family?s finances is also inevitable if there is no LTC plan at hand.
Summarizing the financial advantages of long term care insurance for baby boomers, one can save money when he buys insurance at a pre-retirement period, there is slimmer chance in getting declined and qualifying for health discounts, and lastly, it is the best way to ensure financial security.
Secure your financial future with?long term care insurance. Get free quotes of?long term care plans?from different providers at CompleteLongTermCare.com.
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