- Here’s An Opinion On:
- Financial Planners
By Madeline Binder
The citizens today who are above 51 and below 60 years of age will be, by 2020, part of the 50 million expected senior American citizens living by that time. That number roughly stands for a sixth of the entire population of the US by then, a number which is forecast to reach well into the 320 million mark.
The 2020 projected statistics for elderly people
Thirty percent of those 50 million seniors are predicted to find themselves estranged from or lacking any close relatives who can devote prolonged periods to assisting them and attending to their needs. In other words, an estimated 15 million seniors in 2020 will need to pay for the services of care givers to do their normal and routine activities. This may be for shorter or longer periods of time, depending on their disabilities.
I you are past the age of 51 today and are still not paying for a long term care insurance policy, it is high time you started. Money will never be as important for you as when you need to pay people to do vital things you are incapable of doing. Things like ingesting food, responding to natures call, putting on clothes and possibly even just getting from your bedroom to the kitchen may be difficult or impossible without care givers to assist you.
Long term care insurance takes the difficulty away from growing old
In case you find yourself with no one on whom you can depend on for help on a daily basis, your long term care insurance will see to it that you have the means to retain the services of a care giver and to purchase equipment that you require.
Getting a long term care insurance policy on a specific daily rate
The first option you will be given, when you meet with your insurer, is to avail of a policy based on a daily amount of benefit. That can be anything from $20 to $500 daily. The specific range will differ with the different insurance outfits. Your monthly payments for the policy will be pro-rated according to the daily benefit you selected. However, many would rather not avail of this type of computation. That is because they will be forced to pay for goods and care giving services even when their relatives are around to attend to them.
Selecting monthly benefits
The more popular type of long term care insurance is determined by the total expected monthly expenditures of the client. This arrangement offers greater flexibility for people who are intermittently visited by their close kin. Since the budget represents all the expenses for a month, it need not be spent on a daily basis. The benefits may be reserved for those days when the client is without any company in his house. Because receiving benefits may not be typical for all the days in a month, larger amounts can be made available when they are needed.
Sometimes purchasing and installing equipment for the client is covered
You will also find policies that will pay for any construction that needs to be done in the house, as when ramps are made alongside stair steps. Structures like supporting metal bars are also covered.
Close relatives, who are willing and able, may also be trained to assist the client should any emergency arise. This type of policy spends for the training.
You may need to be getting long term care insurance right now
The early fifties is not the perfect time to start paying for your long term care insurance policy but it is better than being without it. But before jumping into the lap of the insurance outfit, make doubly sure that they are reputable, reliable and honest. Take the time to inquire from your friends who have mothers or fathers currently enjoying the benefits of long term care insurance.
Doc No:MB-825-ULT10-j53m
About the Author: The
LongTerm Care Review
isa result of one year research project by the author when she’as investing her own long term care insurance options. It’s important to get a
free long term care quote
and investigate what
long term care insurance fraud
is taking place in your area
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