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One of the reasons why some people find it hard to purchase long term care policies is because of the expensive long term care insurance premiums that come with it. Some of them would want to prioritize the things that they think are more valuable and needed immediately than this insurance plan that may only be used on certain circumstances.
Most individuals who belong below the poverty line or from the average income earners' bracket do not have sufficient financial capacity and resources to sustain the payment of policies with high monthly premiums. This is the reason why the government developed programs such as the CLASS Act and the Partnership policies, to get and encourage more residents to own an LTC policy.
According to some survey, an average person aged 60 years old or above will require to receive LTC services at least once in their lifetime and that the average stay in a nursing home or adult day care facilities lasts for three years. This proves that LTC policies will be helpful and useful for its policy owners. If a plan acquisition is delayed, it increases by 10 to 12 percent every year, making it more expensive and harder to uphold.
The partnership program and CLASS Act offer cheaper and more affordable policies specifically designed for those who can not afford the expensive monthly premiums of private insurance policies. it has special features that are exclusively tied-up if these kind of policies were availed.
The costs of the long term care insurance premiums depend on some factors that when considered, an individual might just get the best LTC services without spending much money. The actual age of the person when he applied and bought his policy affects the rates and other prices of his plan. Aside from this, his current medical condition, his being a smoker or non-smoker, and the medical history of his family also contribute to the factors in obtaining the LTC rates.
An interested individual who wishes to buy an LTC plan must also bear in mind that he must know beforehand where he would receive his policy benefits. LTC costs vary by state and the exact location or region where an individual will live during the validity of his plan also determines the costs of its policy.
For an LTC plan to be considered valid and authorized, three mandatory features must be present. These features should be double checked by the person before he buys a plan. Remember that the minimum daily benefit amount, minimum benefit coverage period, and inflation protection should always be provided in any types or types of LTC policies available.
The levels of inflation protection depend on the age of the policy owner when he bought his plan. Higher levels are granted to those who purchased their policies at a much younger age, and when they have no major health issues that need immediate medical attention and treatment.
The costs of long term care insurance premiums do not affect the quality of services and facilities that they will receive when the time comes that they have to use their policy benefits.
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Source by Graeme Harris
