Statistics show that the number of senior citizens will skyrocket from the current 40 million to 90 million by the year 2050. This rise in senior citizens will create increased demand for healthcare services and medical supplement plan options, it is never too wise to start thinking about the future of you and your loved ones.
Long-term care insurance generally covers the costs associated with home care services, assisted living fees, hospice fees, and other similar costs. A distinct advantage of long-term care insurance is that it covers much, if not all, of what isn’t covered by other programs like Medicare and your health insurance. Only one out of every 10 beneficiaries depend solely upon their Medicare program to cover health care. Here are three common misconceptions about long-term care insurance.
The first misconception is that long term care insurance can only be provided for the elderly. Unfortunately, conditions that impair your ability to function can strike at any age. Long-term care insurance can be provided for a wide range of ages, not only senior citizens.
The second misconception is that long-term care insurance is too costly. Recent statistics show that 83% of consumers steered away from purchasing life insurance because they believed it was too expensive. However, the previously mentioned believed price was about three times higher than what life insurance actually costs. Insurance companies can have their financial planners come up with a solution that works with your budget.
The third misconception is that long term care insurance is only meant for those who are sick. Many people who require long term care are not sick at all but must require assistance for daily activities. A sudden impact or trauma could entail that someone with no illness now requires long term assistance.
In summary, long term care insurance can be extremely beneficial. You don’t have to be a senior citizen to qualify for this kind of care. Many believe that long term care insurance is expensive. However, these beliefs are based on numbers that are typically much higher than purchasing the insurance. Long term care is for anyone who needs assistance which doesn’t always mean someone that has an illness. If you are thinking about getting long term care insurance, please contact local professionals in your area. Most businesses will ensure financial planning options are available to fit into your budget. Read more. For more, read this link.