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April 1, 2016

How Long-Term Care Insurance Save Money For Future Health Care?

How Long-Term Care Insurance Save Money For Future Health Care?

Age is a fact of life and this is what everybody wants to become duly prepared for. This is not just about preparing for the wrinkled faces and the invasion of grey hair. What you should be more concerned about is finding support for your needs especially with health care.

The American culture revolves much about individualism and independence. This is why people work hard in an effort to save up enough for their retirement. When you get old, the last thing you probably want is to burden somebody else about your proper care including the expenses it entails. In which case, it would be smart to avail of long-term care insurance.

Why you need long-term care insurance?

Of course, nobody hopes to get sick and put the insurance to good use. But there is a reality check. According to a recent study, there are about or over 60 percent of Americans that require long-term care by the time they reach their 65th birthday or anywhere from that point. That means you could be in the lucky 40 percent or the not so fortunate 60 percent. What this ultimately means is that you have to be prepared either way. With long-term care insurance, you can count on the policy to protect and provide for your needs. This especially applies to individuals who start or develop chronic illnesses. It also applies to people who may become disabled or incapable of taking care of their own self for an indefinite period. Getting a much needed care may not come cheap and it can only expected for medical costs to further increase. In which case, proper planning and due preparation is called for to make sure that you can be cared for whatever happens. This way, you do not have to rely on anybody else to cover the expenses and be bothered with care other than the long-term care insurance you are subscribed to.

How long-term care insurance can help save money?

There are many reasons why long-term care insurance is necessary. The most apparent reason is that it can help you save money. Instead of merely relying on your savings or your financial assets to provide support for your health care needs, you can start putting some money and paying for premium now so you will have something to rely on in the future.

How do savings happen exactly?

First, medical and health care expenses can only be expected to weigh heavily on prices. And no matter how much you save, it may not be enough especially if it is long term care that your condition may require. If you want to protect your assets and preserve your savings, investing in the right insurance policy is your best bet.

Second, you can actually spend less than what the insurance company may charge for the premium. This is because there are specific policies that are tax deductible. That means if you avail of a plan that is tax qualified it can be automatically deducted at the time of your tax filing. Finally, with long-term care insurance, you are not left without a choice when it comes to the nursing facility. You can actually make a decision based on the facility that you prefer. That ultimately accounts for your peace of mind and there is no price tag for that.

An article by Karen Mae Cordon

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