Considering these factors, long-term care insurance may be the most important purchase you ever make.Unfortunately, long-term care insurance policies are complex, & seemingly minor details can make a tremendous difference in the level of care you eventually receive. You’ll need to sample a variety of policies, ask lots of questions & have your broker or agent explain the intricacies of the policy in detail because what may seem minor now could mean the difference between being covered or not at a crucial time.The following 12 questions will help unravel the complexities & gather the information hou need in shopping for a long-term care policy, including whether you should be shopping for one at all.Why buy long-term care insurance?There are many elderly people who, due to some physical or cognitive disease, are unable to care for themselves. Long-term care insurance could potentially cover nursing homes, assisted living facilities, adult day care, in-home care & other functions that help us get through everyday life. It is NOT medical insurance; it is simply for everyday life functions & living.
It is also not, however, just for the elderly. If a person in his 30s were to purchase long-term care insurance, & soon after become paralyzed in an accident, or be diagnosed with a degenerative disease, he could then be covered for life as far as functioning care — depending on the individual policy.What happens if I get sick & don’t have this insurance?If a person is in need of, let’s say, a nursing home, & is without insurance, the home would need to be paid for out of the person’s assets. Government assistance would usually not kick in until not only that person’s assets were virtually depleted, but the assets of their spouse as well, if that assistance were available at all. Therefore, anyone with assets to protect may want to consider this insurance.At what age should long-term care insurance be purchased?It is sometimes advised that people 60 & over should be looking at this insurance. However, there are a few reasons to reconsider this advice, & instead think about purchasing it as early as possible.Article Source: http://EzineArticles.com/102751
