Do You Really Need Long-Term Care Insurance?
There's a rule of thumb among financial experts when it comes to insurance: do not over-insure yourself and insure only according to your needs. For example, if you're still young and need a lot of high payout investing to do, then take out a term life insurance policy instead of a whole life policy.
Which brings us to this point: when do you really need long-term care insurance?
Assessing your need for long-term care insurance primarily depends on where you are financially. If you have a low income, you may want to stay at a nursing home and have Medicaid pay for your costs. (Medicaid is both a federal and state program that is currently paying for nearly half of America's nursing home costs.)
But if you have a reasonably large estate and don't want old age cramping your style, then you might want to seriously consider talking to your insurance agent. However, do keep in mind that long term care insurance is not something you want to spend for, to the exclusion of all other items on your budget, because:
- You have to pay high premiums
- You might have to pay for increases in premiums
- Some expenses you have to pay out-of-pocket
- You lose benefits if you lapse on the policy and don't have non-forfeiture protection
In some cases, you might never need long-term care coverage - you might just die right away in a road accident. In any case, here are some factors to think about, to know if you may need long-term care insurance:
Your Family History
If your family has a history of chronic illnesses like heart disease, diabetes or Alzheimer's, especially if close relatives fell early.
Your Current Family Situation None of your immediate family members or relatives will be able to care of you.
Your Finances
According to the United Seniors Health Cooperative, a non-profit group based in Washington, DC, people should only think about long term care insurance IF they have:
- At least $75,000 in savings
- At least $35,000 in annual retirement income
What the figures indicate is that you should only think about taking out a long term care policy if you can afford it, and paying for the premiums will not cramp your current lifestyle. Otherwise, the best route to take is to have all your money earn interest, pay for professional care only on an as-needed basis, and if necessary, qualify for Medicaid.
Visit the website http://www.bestlongtermcarequote.com for more information on long term care insurance.
Source: http://ezinearticles.com/
Added: March 21, 2008
Md. groups joining national affordable health care push - Bizjournals.com
Google Gets Hammered On Day-Care Cost Surge, Sergey Brin Insensitivity - InformationWeek
Wall Street Journal Blogs Google Gets Hammered On Day- Care Cost Surge, Sergey Brin Insensitivity InformationWeek, NY - As Nocera relates it, Google already had reasonably priced day care , when it decided to open a vastly more costly Euro-style operation, called the Woods, ... Company-Provided Day Care : Basic Benefit or Perk? Is Google Sick of Perk-Addled Employees? Google drops the ball on child care - Brin hacked off with ... -AP Looks at How McCain's Health Plan Would Affect Employer Coverage - Kaiser network.org
Sioux City Journal AP Looks at How McCain's Health Plan Would Affect Employer Coverage Kaiser network.org, DC - The number of employers that would drop health insurance for employees under the health care proposal of presumptive Republican presidential nominee Sen. ... McCains Fuzzy-Math Health Care Plan McCain unveils economic and jobs plan McCain's health plan: A threat to employer plans?