There are some people who are hesitant and doubtful to purchase LTC insurance policies due to the expensive long term care rates that usually come with it. They think it is impractical to spend big amount of money on these kinds of insurance plans especially now that the economic turmoil that began several years ago is not yet fully solved.
The most common idea that the 32 million Americans who still do not own an LTC insurance plan have is to save up and use their savings to compensate and pay for the LTC services that they are going to incur in the future. But these unsuspecting and clueless individuals do not actually realize that they are risking their life-long savings for nothing because sooner or later, the rates and other costs of LTC-related services and facilities may be beyond the value of their assets and savings.
This is because it is found out that for every year that an LTC insurance policy acquisition is delayed or postponed, it gains an increase or add-up value of approximately 10 to 12 percent in its monthly premiums. This means that the already high-priced prices and other rates of the policies now may be harder and more impossible to afford in the coming years.
In order to prevent this and to have bigger and higher chances of getting cheaper monthly premiums, one individual who intends of buying LTC insurance plan to cover his LTC needs in the future should start inquiring now and decide about his insurance plan options as soon as possible.
Why? Because insurance providers prefer those applicants who are younger and grant them more affordable long term care rates than those who buy their policies nearing their retirement age. Sadly, this is one of the facts regarding LTC insurance policies that are unknown to many people. They think that such policies are expensive with no way of getting cheaper options, and this thinking often leads to taking it for granted without actually knowing that if they start early, this policy might be the biggest and most important investment that they can give themselves.
The present health status and medical history of the person's family members also contribute to the possibility of a more affordable LTC plan. Insurance companies need to know the possible illnesses or diseases that the individual might have in the future by analyzing the medical background of his family and quote him appropriately.
A person who is willing to purchase an LTC insurance policy must also know beforehand the rates and other prices of the LTC services in a certain location where he plans to receive his policy benefits. This is due to the fact that some areas in the country have more expensive rates than the others although there is no really a big difference on the services and facilities that they offer.
If only these factors on how to have cheaper long term care rates are properly addressed and relayed to the public, then there is no doubt that the number of the policyholders will increase and more people will start planning their future as early as today.
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