Support of old age! The truth of long term care insurance
Do you know what is the biggest worry after crossing the age of 60? The answer is, illness and its expenses! Yes, with increasing age, the risk of diseases also increases. In such a situation, if you have difficulty in walking, and even taking medicines does not give relief, then? In such a time, "Long Term Care Insurance" is necessary so that it does not become a financial burden on your family!
But what is this long term care insurance? Is it really a support for old age? In this report, we will tell you everything about long term care policy, which is very important for you to know.
Increasing age, increasing expenses
Imagine, if you are 70 years old and you have to be admitted to the hospital due to some disease. Treatment will be done, but after that? Difficulty in walking, need to take medicines, need help in daily chores... What will happen in such a situation? At such times, family members will take care of you, but the financial burden on them will also increase.
Now just think, what if you have long term care insurance in such a situation? This policy will provide you financial help so that you can be taken care of at home or even in a nursing home.
What is Long Term Care Insurance?
In simple words, long term care insurance is an insurance policy that provides you financial help in case of a long-term illness or any such situation where you need help from others in daily chores.
Under this policy, you get a fixed amount every day or every month, which you can use for your care. This care can be for keeping a nurse or a nanny at home, for physiotherapy or even for bearing the cost of living in a nursing home.
Long Term Care Insurance: What is the right time and how to choose it?
Now let's know what is the right time to take long term care insurance and what things should be kept in mind while choosing it.
When is the right time?
Generally, the best time to take long term care insurance is between the ages of 40 and 50. At this age your premium will be low and your health is also generally good, so that you will be more likely to get a policy.
But even if your age has already crossed 50, do not worry. You can still take the policy, but the premium may be slightly higher and you may have to undergo a health checkup.
What to keep in mind while choosing a policy? (What to Pay Attention to While Choosing a Long Term Care Insurance?)
When choosing long term care insurance, keep the following in mind:
Coverage: For how long does the policy provide coverage? Is it only for home care or also for nursing home stays?
Daily Benefit: How much money will the policy pay you per day? This amount may vary depending on the area you live in.
Waiting Period: How long do you have to wait after buying the policy before you can make a claim?
Premium: What is the policy premium and can it increase?
Lifetime Benefit Limit: What is the maximum amount you can get over the entire policy term?
Long Term Care Insurance: Some Common Myths
There are many myths prevalent about long term care insurance. To dispel these myths, in this chapter we will talk about some common myths.
Myth 1: It is only for the elderly
This myth is wrong. Long term care insurance can be useful for a person of any age, especially if you have a chronic illness or if someone in your family needed long-term care.
Myth 2: It is very expensive
This is not necessarily so. The premium depends on several factors, such as your age, health, and policy terms. Some companies also offer affordable options.
Myth 3: I don't need it, my kids will take care of me
This is a risky assumption. It is hard to say whether your children will be able to make time for you. Moreover, their financial situation may also be affected.
Myth 4: it's only for the rich
This is also wrong. Long term care insurance is available for different budgets.
Myth 5: I should buy it later, when I will need it
This is a fallacy. The premium usually increases with age, so it is better to buy a policy early.
How to claim long term care insurance?
If you have taken a long term care insurance policy and you need to make a claim, what should you do? In this chapter, we will tell you how to claim long term care insurance.
Claim Process
Doctor's Certificate: First of all, you have to get a certificate from your doctor, which mentions the details of your illness and how much help you need in your daily tasks.
Claim Form: After this, you have to fill the claim form and send it to your insurance company. In this form, you have to attach your policy information, details of the illness and a copy of the doctor's certificate.
Document Submission: You may also have to submit other documents asked by your insurance company, such as hospital bills, medicine bills, or nursing home bills.
Claim Processing: Your insurance company will investigate your claim. This process may take some time.
Claim Approval or Rejection: If your claim is approved, you will receive the stipulated amount from the insurance company. If the claim is rejected, you can ask the insurance company the reasons for it and request for reconsideration.
Additional Benefits of Long Term Care Insurance
Long term care insurance also has some additional benefits, which can provide you many benefits apart from financial security.
Peace of Mind and Security
Long term care insurance provides you with peace of mind and security, because you know that if you need care, you will have financial support.
Reduced Burden on Family
Long term care insurance reduces the financial burden on your family, as they will not have to worry about the expenses of your care.
Other Benefits
Some long term care insurance policies may also offer other benefits, such as:
Home healthcare services
Alzheimer's or dementia care
Transportation services
Conclusion
Long term care insurance is an important financial product that provides you with financial security in old age. If you want to be prepared for the challenges that come with aging, long term care insurance is an option worth considering.
Now you know what long term care insurance is, how to choose it, and what benefits it can offer. Using this information, you can make a smart financial decision for your future.
