If you’re an adult concerned about your finances and you want to live comfortably well into retirement age, one of the most important things to consider is long term care insurance.
If and when you become unable to care for yourself either mentally or for physical reasons, long term care insurance will provide the professional health services that you may need to go about your daily existence. It can help you with medical and nursing services, as well as with the costs associated with any necessary equipment you may need such as walkers, wheelchairs, or routine supplies such as oxygen tanks, catheters and diabetic testing products.
But in order to be prepared for this, you need to start planning early. This plan includes both making sure you have enough money to fund the premiums for the insurance over the many years before you actually need it, as well as the psychological planning you need to get yourself ready to when you actually need such care.
But it’s not at all difficult to plan for such care. You can buy this long term care insurance from most insurance companies who also sell you your standard health care insurance. Your premiums will be decided based on many factors.
These include your age when first taking out the insurance, your current medical conditions, your prognosis for the future, your occupation, and what type of long term care services you’re actually interested in.
The most expensive premiums will come from policies that cover you for extensive nursing home stays, as well as regular hospital treatments. Surgical care and specialty medical care can also make the cost of the premiums jump up a bit. You should go with what you can afford.
It’s better to have some long term care protection than none. You should definitely shop around with several insurance companies to compare both policy coverage and rates to ensure you receive the very best deal.