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Long Term Care - Making The Right Decisions

As medicine gets better and better, and our population's average age continues to increase, the issue of long term care continues to be very prominent. In fact, it's likely to get much more prominent in the future. With this prominence comes an important question: how are you going to pay for assisted living? The cost of a long term care scenario can be absolutely catastrophic to your personal bottom line, and make your retirement savings disappear very quickly. From there, your family will be forced to pay. Let's face it, no one wants to be that kind of burden to their family.

But because the threat of long term care continues to persist and grow for today's American family, Long Term Care Insurance has become an important tool for planning for a possibility which can wreak havoc on your finances. But it is expensive, and is not necessarily for everyone.

Important Long Term Care Points

If you think you are in the market for long term care insurance, there are a number of important issues you should look at. First of all, take a look at the premiums from various carriers. Is the total payment likely to be too much for you to handle? If this is the case, you may want to avoid it. Frankly, insurance should be there to protect you, as opposed to putting a strain on you financially. Also, ask yourself if you can afford to keep paying the premiums for the rest of your life. Remember that when you get older, your income is likely to be lower, which will undoubtedly make the premiums difficult to handle. The saddest irony is that many seniors are forced to cancel their policies because they cannot afford them, and then find they are in need of the policy a few years later. Don't let that happen to you.

If you have a large net worth or a rather high asset base, long term care insurance is typically a good idea, as it ensures that you can protect your estate for your family, and will give you a higher level of independence.

Policy Notes
There are several options or features for every long term care policy, and they can be quite confusing. But, it is important to check out the key details, such as the cash benefits. Current policies allow for a maximum daily payout amount which ranges from $75 to $250 per day. Ensure that the amount you get is not excessive, but does handle your needs. And remember to consider inflation, and look at a policy which takes it into account, as it is always there, and can hurt your payouts later. An additional issue you may want to look at is if the policy covers home care. This is key, as it can mean that your costs are much lower and you get to retain your living environment. Finally, check to see if your long term care insurance policy has a death benefit. This typically will reimburse your estate the total premium amount that you have paid minus any received benefits.

Not Everyone's Best Choice
We would be woefully wrong if we said that Long Term Care Insurance is for everybody. It can be expensive, and in some cases, may not be used at all. Still, if you decide that it is right for you, ensure that you take a look at all of your options, and do not overpay. This product is not meant as a complete fix, but can be a great way to lessen the burden if it turns out you need to consider assisted living one day.

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