Children today inevitably face a constant exposure to addicting temptations ranging from drinking, smoking, drugs and pre-marital sex. However, as a result of youth and lack of adequate knowledge, they tend to overlook the fact that these temptations ultimately affect their life throughout adulthood. When the consequences of these actions finally catch up to them, people will realize their mistakes and desperately try to do anything to minimize the risks that endanger. One such way of coping with the financial stress of such illnesses is purchasing long term health care insurance, and it’s becoming increasingly popular.
Long term health policies can be considered the ideal way to ensure retirement and quality care for the rest of the family when one is indisposed of health and requires permanent medical care. Its financial aid can be invaluable in guaranteeing quality care for the entire family without losing a lifetime of savings in the process.
People are considering enrolling in such policies much earlier in life, years before they think about retirement or become afflicted with illnesses, the reason being the growing costs of health care each year. It is advised to think about long term care insurance as early as your mid-50s in contrast to mid-60s because of an advantage of significantly less cost and premiums.
Another major advantage of taking out a policy earlier in life is the increase in chances of getting an approval in policy-without any exclusions. If one misses this opportunity earlier in life and then acquires an illness, it will be nearly impossible to obtain coverage because no company will be willing to issue a policy, regardless of price. Even if you are a little older than average, if you have alternate forms of income other than SSI and Social Security benefits, you should consider looking into a long term health insurance plan.
Remember the fact that once you decide to look into a long term policy, your current health and conditions of life will be reviewed in order to give an appropriate plan; the company will ultimately assess your ability to handle daily basic activities.
These basic activities or “Activities of Daily Living” are elementary actions such as taking a bath, dressing yourself, eating by yourself, and using the bathroom without any help from others. Not being able to handle such ADL will reduce your chances of being approved of a policy.
This is not to be of great concern, however, since different companies maintain different criteria for approval; furthermore, there are different policies you can apply for-while some policies are geared towards home health care, others are designed for care to be received while staying in a long term care facility. You will be given the chance to consider all options-just make sure you thoroughly understand all your options first. If you feel pressured and uncomfortable then politely move on to the next company to apply.
1. AHRQ. Choosing Long Term Health Care. http://www.ahrq.gov/consumer/qnt/qntltc.htm
2. Health 401k. Health Insurance: A Necessity. http://health401k.com/HealthInsuranceANecessity.aspx