Saturday, February 21, 2015

Why You Should Consider Getting A Long Term Care Quote

By Olivia Cross

Prudent people plan for their retirement years from an early age. Life expectancy has risen and nobody want to spend their last years living in poverty or dependant upon family or the state. There are many factors to consider when planning for future financial security. One important possibility that is often overlooked is the potential need for personal care at home or at an institution for an extended period of time. When planning a financial portfolio, it is vital to also get a long term care quote.

Even when people consider the possibility that they may become too frail to look after themselves they often think that such matters will be taken care of by medical insurance. Nothing can be further from the truth. Medical insurance will only pay for medical treatment and perhaps for a short period of rehabilitation. Those that are unable to look after themselves due to frailty or disability will have to foot the bill themselves.

Most large insurers offer policies that will cover the cost of ongoing personal assistance when the policy holder or one of his beneficiaries becomes infirm and unable to perform vital personal tasks such as eating, bathing, cooking or even moving around. The older one is when considering such a policy, the more expensive it will be. As is the case with all other insurance products, it is best to purchase the policy at a young age.

The importance of such a policy becomes even more evident when one considers the number of children and young people that become disabled or frail due to accidents and disease. Caring for such patients can be horrendously expensive and ongoing assistance may be required for many years. Very few families can afford such a situation. Caring for such a patient personally can easily become a tremendous personal and financial burden.

The policies offered by the various insurers differ wildly. Some insurers will only pay for services rendered at a specialist institution, such as homes specializing in caring for people with Alzheimer. Other policies only make provision for limited daily visits by a caregiver. There is therefore a real danger that policy holders may find themselves in a situation where their policies do not cover their individual needs when the time comes.

Comparing quotations from different insurers can be problematic. The quotations are not in a standard format and it is often difficult to judge the long term implications of the various terms and conditions. It is nevertheless important to get as many quotations as possible. It is also important to ascertain whether the policy can be upgraded when circumstances change or when the budget allows such a move.

One solution is to seek professional advice. Brokers that specialize in this type of policy can obtain quotations on behalf of their clients. They can then explain the advantages and disadvantages of each policy and recommend a product that will suit the needs and budget of the client. There are also independent websites that can produce several quotations, all in a similar format, making a comparison between them easier.

Nobody can assume that he or she will not, at some point or another, require individual and ongoing personal assistance. The cost of such help can be exorbitant. Getting insurance that will cover the cost of personal assistance is the most sensible route available to most people.

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