Prudent people plan for their retirement years from an early age. Life expectancy has risen and nobody want to spend their last years living in poverty or dependant upon family or the state. There are many factors to consider when planning for future financial security. One important possibility that is often overlooked is the potential need for personal care at home or at an institution for an extended period of time. When planning a financial portfolio, it is vital to also get a long term care quote.
Many people mistakenly believe that their medical insurance is adequate to take care of matters when extended personal assistance becomes necessary. This is simply not the case. At best, medical insurance will cover short term rehabilitation after surgical procedures, accidents or illness. Thereafter the cost of such assistance is for the patient and his family to pay. Full time assistance can be extremely costly.
Policies that specifically cover the cost of ongoing personal assistance, either in an institution or at home, are offered by most of the large insurance companies. The cost of permanent or even part time personal care by a professional can be staggering, especially if one thinks about the fact that such assistance may be required for many years. Getting insurance for such a situation is simply a sensible and responsible step.
This type of policy is not only meant for the elderly. An astonishing number of young people, even children, rely on personal assistance in order to maintain a reasonable quality of existence. Accidents and debilitating diseases do not discriminate. Everyone is at risk of being rendered infirm. Without professional personal help the lives of such people can be extremely miserable.
It is not easy to evaluate the offerings of the various insurers or to compare the various policies that they offer with each other. Each insurer has different terms and conditions and the benefits offered by the different policies fluctuate wildly. In some cases insurers will only pay if the patient complies with a number or criteria, such as the ability to walk or to perform basic tasks such as eating independently. Other insurers will only pay for basic or intermittent care and some will not pay for a live in caregiver.
Comparing quotations from different insurers can be problematic. The quotations are not in a standard format and it is often difficult to judge the long term implications of the various terms and conditions. It is nevertheless important to get as many quotations as possible. It is also important to ascertain whether the policy can be upgraded when circumstances change or when the budget allows such a move.
One solution is to seek professional advice. Brokers that specialize in this type of policy can obtain quotations on behalf of their clients. They can then explain the advantages and disadvantages of each policy and recommend a product that will suit the needs and budget of the client. There are also independent websites that can produce several quotations, all in a similar format, making a comparison between them easier.
Nobody wants to think about the possibility of becoming unable to look after oneself. For many people this is a reality, however. Proper insurance can at least ensure that an infirm person lives comfortably and in dignity.
Many people mistakenly believe that their medical insurance is adequate to take care of matters when extended personal assistance becomes necessary. This is simply not the case. At best, medical insurance will cover short term rehabilitation after surgical procedures, accidents or illness. Thereafter the cost of such assistance is for the patient and his family to pay. Full time assistance can be extremely costly.
Policies that specifically cover the cost of ongoing personal assistance, either in an institution or at home, are offered by most of the large insurance companies. The cost of permanent or even part time personal care by a professional can be staggering, especially if one thinks about the fact that such assistance may be required for many years. Getting insurance for such a situation is simply a sensible and responsible step.
This type of policy is not only meant for the elderly. An astonishing number of young people, even children, rely on personal assistance in order to maintain a reasonable quality of existence. Accidents and debilitating diseases do not discriminate. Everyone is at risk of being rendered infirm. Without professional personal help the lives of such people can be extremely miserable.
It is not easy to evaluate the offerings of the various insurers or to compare the various policies that they offer with each other. Each insurer has different terms and conditions and the benefits offered by the different policies fluctuate wildly. In some cases insurers will only pay if the patient complies with a number or criteria, such as the ability to walk or to perform basic tasks such as eating independently. Other insurers will only pay for basic or intermittent care and some will not pay for a live in caregiver.
Comparing quotations from different insurers can be problematic. The quotations are not in a standard format and it is often difficult to judge the long term implications of the various terms and conditions. It is nevertheless important to get as many quotations as possible. It is also important to ascertain whether the policy can be upgraded when circumstances change or when the budget allows such a move.
One solution is to seek professional advice. Brokers that specialize in this type of policy can obtain quotations on behalf of their clients. They can then explain the advantages and disadvantages of each policy and recommend a product that will suit the needs and budget of the client. There are also independent websites that can produce several quotations, all in a similar format, making a comparison between them easier.
Nobody wants to think about the possibility of becoming unable to look after oneself. For many people this is a reality, however. Proper insurance can at least ensure that an infirm person lives comfortably and in dignity.
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