As we all age gradually and slowly, a question arises somewhere in the back of our conscious or sub conscious fore brain, that what will happen if something occur to us after a certain age of 50 years or 60 years. There might be an answer that the love ones or the spouse will take care of us or each other. But in the present self dependant scenario, that is becoming a more & more unlikely choice.
People are opting for a long term care insurance option now a days, which is a very good one indeed. But spending an average $42,000 – $92,000 is not very affordable or feasible either in that age or at any point of time.
Therefore, there are various important factor to be considered while or before applying or taking up a long term care policy.
- Choose the best – Consult various experts and financial advisers before choosing a long term care insurance policy. Plan your policy and premium in such a way that it suits you & fits your retirement plans.
- Read & Compare – Read all the schemes and policy point & terms carefully before availing or applying for a ltc insurance policy. Read all scheme and policy related documents carefully, make sure the policy suits your plan and affordability.
- The Provider – Investigate and compare data and stats of the company or providers thoroughly before accepting or applying for a long term care policy. Most importantly check the company or the providers health before accepting it. There are quite a few number of company who have left for various reasons.
- Affordability – Think and plan well before availing or applying for a long term care policy. The affordability of your monetary statement plays a very major role in this sector. The policy customisation may varies depending upon your financial or economic status. So, it is much advisable to take bite as much as you can chew.
- Premiums – Make sure you keep paying the premium properly at proper mentioned or given time. Otherwise stoppage in premium payment will lead to a lapse of long term care policy which you are paying for/ availing at that time. There are various people who found out the hard way that their policy had lapsed. So, make sure you have agents who mention you things like that at the right point of time.
Therefore, we can conclude from the above study that there are various and several important factors which affect the applying or availing of the long term care insurance policy.