Traditional health insurance remains a principle concern for many American’s in which those without coverage yearn for it while those with coverage commonly struggle to understand their benefits. To put it differently, viewed as a necessity, health insurance never strays far from individual thought, whereas long-term care insurance (LTCI) remains off the radar. The most compelling evidence of this theory originates from a study conducted by the American Association for Long-Term Care Insurance (AALTCI). The report, using 2012 statistics breaks down the age structure when people apply for LTCI into the following four age brackets.
1. “Under 35 – 0.8 %
2. 35-44 – 3.2%
3. 45-54 – 24.7%
4. 55-64 – 54.0%” (AALTCI, 2014, p. 1).
Subsequently, we can …show more content…
In the absence of preparedness, the latter commonly results in tremendous financial hardships (National Association of Health Underwriters, 2015). For this reason, individuals looking to thwart the financial impact of long-term care (LTC) must ruminate all available options one of which is LTCI. To that end, individuals must not make hasty decisions rather have a comprehensive understanding of LTCI to determine if such a policy is the right choice. Above all, remember LTCI while right for some is not for all given the many considerations associated with the procurement of …show more content…
Even if a policy pays out for LTC, the odds favor the insurer, meaning it is more probable than not you will have paid in more than what they will pay out. If you have the financial means to purchase LTCI than you are in a position to seek alternatives (401 (K), investments, etc.), which keeps the money in your control. For individuals at or below the poverty level, there is no benefit in trying to secure and pay for a policy because they will most likely qualify for Medicaid. In the end, most important is making a well-informed and calculated decision about your future
1. “Under 35 – 0.8 %
2. 35-44 – 3.2%
3. 45-54 – 24.7%
4. 55-64 – 54.0%” (AALTCI, 2014, p. 1).
Subsequently, we can …show more content…
In the absence of preparedness, the latter commonly results in tremendous financial hardships (National Association of Health Underwriters, 2015). For this reason, individuals looking to thwart the financial impact of long-term care (LTC) must ruminate all available options one of which is LTCI. To that end, individuals must not make hasty decisions rather have a comprehensive understanding of LTCI to determine if such a policy is the right choice. Above all, remember LTCI while right for some is not for all given the many considerations associated with the procurement of …show more content…
Even if a policy pays out for LTC, the odds favor the insurer, meaning it is more probable than not you will have paid in more than what they will pay out. If you have the financial means to purchase LTCI than you are in a position to seek alternatives (401 (K), investments, etc.), which keeps the money in your control. For individuals at or below the poverty level, there is no benefit in trying to secure and pay for a policy because they will most likely qualify for Medicaid. In the end, most important is making a well-informed and calculated decision about your future