At a certain point of time i.e, after 50-60 years of age, long term care insurance has a major role to play in the life line nowadays. However, people can say that the ethical care of the love and dear ones will look after and take care of them at their elder hood & old age. But somehow it influence & affect them after a definite point of time either financially or physiologically.
Therefore having a long term care insurance is the best backup you can possibly have. But before you opt for a long term care insurance there are various factors that affect & influence your decision. These factors are pretty important and must be kept in view while applying for a long term care insurance.
Let us discuss those factors in details below:-
- Do not make it a buried secret – Having a long term care policy is not an offensive thing to do. Therefore don’t keep it as a total secret from others or the persons who care for you. It is better to make photocopies of the original document and give it to someone trusted and responsible. In the time of need you may need someone to rely upon to voice your claim. So, plan and authorise someone to speak on your behalf well in advance.
- Better to apply earlier – It is always preferable & advisable to buy or apply for a policy in advance as long as you do not have a health problem. The ideal age of applying for a long term care insurance policy lies between 50-60 years of age or before 60 years to be more specific. It is found that nearly 45% of people got rejected at the age of 70-80 years, 25% got rejected between the age of 70-69 years , 17% rejected from 50-59 years and 12% of those under 50 years, in a survey by AALTCI. Therefore it is wisely advised to avail a policy before the age of 50 years.
- Policies For Couples – Before applying for a long term care insurance policy, it is much advisable to evaluate & compare the LTC policy for the couples. There are many shared benefits and advantages in it. Therefore it is better to check them before applying.
- Yearly Review – You should review your long term care insurance plan on a yearly basis. Though you might not want to change your policy completely but there were many new benefits & profits added or avail to be added on every year. You may or may not want to include them in your policy, but it is better to be aware of it.
So, we can conclude these are important factor influencing the decision of applying and availing long term care insurance policy.