Although there are a lot of people who dread the thought of growing old, they have no choice but look and plan ahead if they don’t want to find themselves unattended to by the time they are no longer capable of taking care of themselves. This is the reason why long term care or LTC has become more popular through the years.
At present, the annual cost of LTC ranges between $50,000 to $70,000 and will continue to grow as time goes by. This is also why a lot of people seem to hurry getting this type of policy while it’s still early and while they’re still capable of making big payments. They believe that if entrepreneurs protect their assets through liability insurance for small business, they too would need to look after their needs.
However, is LTC really for everyone? Even the National Association of Insurance Commissioners agree that not all is ready to take on the challenge of making payments for this type on insurance. They think that those who can’t afford the premiums, have limited assests, have SSI as their only income and already have trouble in paying for their basic necessities should refrain from getting LTC.
Just like getting commercial general liability insurance, you have to speak to a financial adviser so that you would be able to gauge if LTC is for you or not. If you are intent in getting this policy, you have to at least know the type of facilities that you want to go to.
Adult day cares are for those who need skilled care and recreational services during the day. In assisted living, you would be able to get medical and personal care. This is similar to nursing facilities however the latter are specialized in treating those who have had acute illness or injury in the past.