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Why Signup with LTC Insurance Providers?

Medicare Supplemental & Long Term Care Insurance

Updated on Aug 14, 2013

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Even though people have seen how long term care (LTC) and long term care insurance (LTCI) have helped many Americans get over chronic diseases and have another chance at life, many still ask, why should they check out LTC insurance providers, even when there is Medicaid and Medicare available? Here are a few answers why signing up for an LTCI would be worth more than what you would expect.

When people reach the age of retirement, they usually think that they’ve saved up enough for everything that they will ever need and they’re all set. Wrong. Even if a person has saved up to a figure nearing or exactly around or a little bit over a million dollars in the bank, if ever they get a chronic disease, the rates of health care per month is around $3,000 to $4,500. Annually that’s roughly around $55,000. That amount does not include other expenditures like medication and use of facilities.

Being able to buy health insurance beforehand would save you thirty percent from what you would be spending for health care plus the miscellaneous of medication and facilities are also covered. That’s nearly forty percent savings which would leave you a total of $22,000 annually. Comparing the figures, it’s already obvious that you’ll be saving more with LTCI and be getting more with the benefits.

LTC insurance providers usually tell you how much the rates will be depending on your eligibility and policy. Most insurance companies are willing to give you a free quote just so you can put their company into high consideration. Just remember that getting LTCI prevents you from overspending and automatically keeps your family and friends lifted of the burden of having to shoulder the expenses.
One constant reminder for LTCI buyers is that to never forget or neglect to have your insurance policy contract fully explained to you by the LTCI representative. Even if you are a paying customer, it doesn’t excuse you from knowing exactly what you’ve just bought. It will save you the trouble of any changes with your monthly rates as some LTCI carriers may have this on their contracts.

Certain studies have shown that there is a seventy percent chance that everybody will need LTC at one point specifically around their retiring age. This means that the seventy percent equals to the chances that you have just secured the future of your health care after applying for an LTCI. This saves you from having to worry and experience stress with having to purchase health care individually.

There are many Americans who prefer not to get LTCI which is fine but this means that they constantly have to go to the doctor, be careful with their activities and try to keep in shape everyday for the rest of their lives. That seems possible except for the fact that they may have a medical history of a chronic disease then that would change everything and make them wish they had LTCI.

LTCI is expensive but it doesn’t mean that it’s not affordable. Based on the numbers, getting LTCI actually saves you money. Be sure to look into LTC insurance providers in your area and get yourself that peace of mind that you deserve.
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