In order to further serve and provide more citizens with the LTC services that they need in the coming years, the government, together with some private long term care insurance companies in the country, worked hand in hand to come up with programs and other initiatives that would promote the importance and benefits of having an LTC plan and offer cheaper alternatives as well.
For the past few years, there were numerous attempts and efforts to boost the number of American citizens who are insured and own LTC policies. To date, the number of those uninsured is way much higher than those who were able to avail a policy for themselves. Because of this, some insurance industry experts analyze why only a few people seems to be interested in purchasing LTC policies.
One of the main, or may even be the top reason why Americans are not fond of LTC insurance plans, is the high-priced rates and expensive monthly premiums that comes with it. With the inconsistent and unstable economic situation that the country has right now, majority of the residents, especially those who belong below the poverty line and those who are average income earners, choose to prioritize and give importance to the everyday needs of their families than worry about their future.
They think that it is better to delay their buying of LTC policy and just save up and let it compensate for the LTC services that they are going to receive in the future. Unknown to them, long term care insurance companies give discounts and other rates reduction if policies are purchased while the individual is younger and healthier.
Age plays a major role when it comes to determining the prices of the plans' monthly premiums and other rates. The younger the individual when he bought his policy, the higher chances he has of getting lower monthly premiums. Aside from this, inflation protection, which is considered as the most important feature of LTC policies, also depends on the age of the individual to obtain the level of inflation protection that it will give to a certain plan.
It is also found out that for every year that an individual delays or postpones purchasing his LTC policy, an increase of 10 to 12 percent in the rates and prices are usually gained. This means that if LTC plans now have high-priced monthly dues, it will be pricier and more expensive in the years to come, making it more impossible for ordinary workers and residents to avail it the moment they have finally decided to have one.
Recent surveys also shows that an average person aged 60 years old and above would need to receive LTC services at least once in their lifetime, and that it usually lasts for one to three years. This proves that every one of us would need LTC plans to be assured that we will receive and be given the LTC services that we need.
There are several types of LTC policies that different long term care insurance companies offer so it is better to research and inquire first about these types and choose the best one that suits your budget and possible LTC needs.
Get more tips on choosing the right long term care insurance that suits your needs. Visit our website to know the different types of long term care plans available in the market today.
Orignal From: Aspects That Long Term Care Insurance Companies Consider
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