Long Term Care Insurance that Works for You

Unlike some public assistance programs, long term care insurance offers flexibility when you need medical supervision. It pays not only for individuals over 65 years of age, but also those who are diagnosed with a disabling condition. Many conditions, including diabetes, epilepsy and arthritis, are diagnosed during the prime of adulthood, and while long term care insurance is known for its expensive premiums, long term care is even costlier. Home nursing care alone costs between $150 and $300 daily, while medications, procedures, and other bills can run into thousands of dollars monthly. Pricing tactics for LTC insurance are changing, offering more unisex products that overcome the steep prices women used to pay for this kind of insurance. Furthermore, LTC insurance can be approached in several ways.
Self-insurance

Those who have earnings that fall above the requirements to receive coverage for Medicaid have the option of self-insurance when their savings are insufficient to cover their care in the event of illness. In this instance, the amount that would ordinarily go to premiums is put aside to invest in a low risk fund. This can make sense for those who are able to create a large enough pool, but the option should be weighed against the expense of an LTC policy’s premiums and the amount that it would pay each day. Long term care insurance that pays $200 daily will pay out slightly more than self-insurance at the same expense. However, only those with the utmost discipline should consider it. Those who do will need to hedge themselves against inflation while taking account of the fact that they may need coverage for longer than their pool can provide for.
Due Diligence
Premiums have become even more variable than they were in the past. LTC insurance premiums for women have increased by between 20% and 40%, while unisex products have recently become available. It is therefore crucial to compare a range of insurers and their products, considering their financial stability as well as their policy features. LTC insurance is a product that relies heavily on an insurer that will still be operational decades into the future. The National Association of Health Underwriters offers information about the financial circumstances of insurance companies. Financial advisers can also offer recommendations about the monetary stability of your insurer options.
Changing Insurers
LTC insurance policies are different from other products in that switching to a cheaper company years later is not generally viable. As the years progress, policies become more expensive due to aging and changing standards of care. It is crucial to be absolutely certain that your policy meets your needs and budget from the beginning.
Marriage and LTC
Marriages and partnerships can be covered with one LTC policy such as those offered at moneytips.com as long as the couple has lived together for more than two years. These are cheaper than individual policies and benefits are shared.

Short Term versus Permanent Coverage
Lifetime coverage is more costly than short term LTC insurance. Generally, these last a few years. It is also possible to create a hybrid policy made of a range of select riders. These often carry the benefit of offering a lump sum payout if the coverage is never used.