Getting old is not fun. Many middle age adults tend to ignore the fact that they are indeed getting older, and as they cope with their own approaching mortality, they all too frequently find themselves face to face with their parents\’ issues of advancing years. As these adults try to provide whatever assistance they can for mom and dad, they rue the day that they decided that long term care insurance just wasn\’t worth looking into. But, what is long term care insurance?
Long term care insurance is an excellent investment, no matter what age you are when you buy your policy. Unfortunately, too many of us ignore the fact that we are going to get old someday, and we put off anything to do with forcing us to deal with our own mortality. Until it\’s almost too late.
As we put off buying the insurance, the premiums increase and finally, for too many of us, we learn the hard way that we will be needing some type of long term care and we either find that we have huge deductibles because we\’ll need to use our regular health insurance, or worse, we find out we have to pay for everything out of pocket.
This type of insurance, in actuality, is one of the most reasonably priced types of coverage when it comes to costs vs. Benefits. A policy purchased in your forties, for example, with standard coverage such as nursing homes and rehab (or hospice), will probably be less expensive than your car insurance!
The policies can be customized to your needs, or at least, what you think these needs might be. Even though it\’s impossible to tell the future, you can always get a good idea of what you should add to these policies simply by understanding your family\’s medical history. If your family has a history of coronary heart disease in their 50s, you should seriously consider the best possible coverage if at all possible. In reality, you can\’t afford not to.
Depending on the insurance company will depend of course on your policy now, and what type of add ons and options you are able to buy at later dates. For instance, if your 62 year old husband is in a head on collision and you find that he will need extensive long term care, you may or may not be able to increase your policy to suit the current situation.
When the time comes, a long term coverage policy can provide a tremendous amount of financial help along with the peace of mind you plus the rest of your family will need in order to get through the current health crisis at hand. Typically, additional out of pocket expenses are minimal, or nothing at all.