If one has a family history of Parkinson’s disease, Alzheimer’s or other degenerative diseases the statistical probability of requiring some kind of long-term care after a certain age increases. Other ailments than can spur the need for long term care coverage include stroke and brain injury. In other words, long-term care insurance covers expenses related to in house assistance and medical attention for individuals unable to live independently. This article will illustrate appropriate times to consider buying long term care coverage in light of additional factors such as alternative insurance, living arrangements and insurance qualifications.
Since the majority of people are able to function fairly independently for many years long term care insurance is generally something that is best considered between the ages of 40-70. Before 40, even individuals who genetically pre-disposed to degenerative diseases can function without daily medical assistance making the need for such long-term care fairly low. There may be instances where this is not the case, and in such cases a person might want to assess the need for long-term health coverage with a doctor’s or medical practitioner’s advice. The more likely one is to develop debilitating conditions, the earlier the age for thinking about buying long-term health coverage becomes.
Terminal Conditions and the Uninsured:
If one has been diagnosed with a terminal condition such as stage 4 lung cancer, one may not qualify for long term care. Even if one does qualify, there may be a waiting period of 2 months before the paperwork is processed and one can actually start receiving care. For this reason, it can be important to try and predict one’s health conditions and needs before they happen. This can change the age range a person might start paying for long-term health care coverage.
In some cases private nurses or at home aids can be hired independently of hospital and hospice services. In such a case the aid can perform the role of assisted living on the terms and conditions provided by the employer i.e. the person in need of care. Such arrangements may be more feasible, comfortable and practical in certain conditions. However, it is important to note, that one’s conditions may still require regular Doctor’s visits, prescription and/or pain care management which the private assistance may or many not be qualified to provide.
Financial Aspect of Long-Term Care Insurance:
When deciding when to buy long-term health care coverage one might also consider the total cost. The sooner premiums start being paid, the less one receives in total coverage benefits after receipt of care. For example, if an individual starts a long-term coverage plan at age 40 and doesn’t require any care until 80, that person has paid 40 years worth of premiums. At $55/Month, after 40 years, one has paid $26,40 for the coverage. However, the $26,400 could easily pay off with just 1 year of long-term care.
Employer Provided Insurance:
To reduce the cost of long-term care premiums and still be covered, one may be able to attain employer cancer care insurance or long-term care insurance. After leaving the job, one may have the option to continue the coverage without penalty in the cost of the premium. The benefits of employer paid coverage are lower expenses overall, more continual coverage and a greater peace of mind that comes from knowing if one does develop cancer or becomes disabled, there will be an insurance policy that is designed for needs arising out of that condition.
Tips to Consider Before Buying Long-Term Health Care Coverage:
Knowing when to pay for long-term health coverage is a large factor of age and individual health. Since an individual’s health, medical history and predispositions can vary greatly from one person to another it may be wise to take certain steps before acquiring long-term health insurance.
*Visit a Doctor: Asking a doctor one’s likelihood for long term coverage may not yield solid answers but could help one get a better idea of what medical complications may arise in the future.
*Self-Assess: Often people have a good idea of what their own health problems are, or may be in the future. This self knowledge can be useful in determining what age one should start paying for such coverage.
*Family: If one has a large, caring and supportive family, some services associated with long-term care coverage may be provided for. Items such as residence upkeep, cooking assistance, and mobility provisions, can be provided by family with or without private nurses or care providers. Such arrangements can reduce the need an cost of long-term coverage and provide a more familiar setting for the care recipient.
*Insurance Provider: There are several long-term care insurance providers such as AARP and the Federal Long Term Insurance Program among others. Choosing a reliable, professional, easy to understand and affordable insurance program could save a lot of worry and headache.
The decision to purchase long-term health care may not be best taken on the fly or quickly. There are several factors relating to age, health, anticipated conditions and availability of different insurance packages and funds that ideally all play a role in making such a decision. The information in this article can help one decide when to buy long-term care coverage based on pertinent factors such as cost, insurance package choices and provisions and medical conditions that can prompt the need for long-term health coverage.