Long term care insurance advice: Is there a way to get your long term care insurance policy without stretching your insurance budget? You’re not arguing about whether or not it’s wise to get long term care insurance here. You just want ways to get it without paying a lot more. I have good news for you: You can even pay for a long term care insurance policy without spending a dime more depending on your profile. Learn how now…
Since there are a few folks who might be reading this without knowing what long term care insurance is for, let’s explain it a little (If you already know all this then jump to the last two paragraphs for the long term care insurance advice)…
Long term care insurance takes over payment for long term care that doesn’t require you being hospitalized. This includes stay in nursing homes or rehabilitation facilities. It also includes in-home care and assisted living for those who require help with essential daily activities like bathing, dressing, eating, etc. Your health insurance plan does not cover these kinds of care as they do not require medical professionals.
If you consider the cost of staying in a nursing home for a day ($100 and above) and then multiply by 365 days, you’ll agree with me that the cost is big enough to wipe out many people’s savings. Just imagine that some folks have to spend up to three years. To stretch it even farther: What if the three-year stay is for an old couple? They could easily spend $600,000 for such a stay. The other alternative of being catered for by their children can be really stressful depending on the extent of care they need.
Those who’ve had to give care to loved ones who needed long term care can testify to the fact that it can truly put a strain on a family. The funny thing is that the recipient in most cases knows the pain they are causing their loved ones. This makes it all the more painful. Few things can stress a family relationship as much as having to give long term care yourself. It’s almost unthinkable if you have to provide such care for a couple. Think about it: That’s not what you want to become to your children — A burden!
Now to the long term care insurance advice for paying without overstretching your current insurance budget…
I assume you have other insurance policies like auto, home and health. The simple step is to get and compare quotes for each of your existing policies. Some people save over $2,000 by just doing this. All they’ll do then is use the savings they’ve made on those other policies to pay for their long term care insurance. Please if you decide to switch to another insurer for any of your policies make sure you do not terminate your current policy until the new one is fully operational. This is to ensure you aren’t without insurance.
You will get better rates on your existing insurance policies now by visiting not less than three quotes sites. Visiting at least three quotes sites raise the chances that you’d get a wider range of quotes. And, you know that because the likelihood of getting lower long term care insurance quotes is proportional to the range of quotes you get, the more insurers you obtain quotes from, the brighter your chances.
