While living at a young age, one of the things to consider investing in is the Long term care insurance; an insurance program that is designed generally to take care of you when age tells on you and you are unable to do some of the things that you find so easy to do now.
Some of these essentials that you may not be able to do later on in life include taking a bath, spoon-feeding yourself, dressing, emailing loved ones, and other necessities of life.
Normally, when you consider the strength you have today, you might assume that you will always be strong, ignoring the fact that as you grow older, some of the bones and tissues of the body grow weaker until the point you will need help in fixing even something as simple as a meal for yourself.
Now, ask yourself simply and be sincere about the answer… “When I get old, who will take care of me at home when my children are at their spouses’ homes? What is my survival strategy?”
A sincere answer to this question will suggest to you that you make hay while the sun shines and ensure that you get long-term care insurance which would meet your basic needs at old without having to depend on neighbors to help you take out the garbage.
Long-term Care Investment includes a variety of services that may have been omitted or unintentionally not covered in the health insurance that you signed up for.
This means that apart from footing the bills for unforeseen health issues that may cause a disability of some sort, the insurance goes down to the daily activities you may not be able to do in old age or as a result of a health condition that you may be having.
Just like every other insurance policy, in order to purchase this policy, an application is usually filled as well as some health questions are asked by the company and answered by you either over the phone or face to face. In the case of any doubt or need, the company usually asks to see your medical report.
Applicants are usually given the liberty of choosing the capacity of the coverage that they will need, they determine how much coverage they will need the policy to cover.
Once the application is approved, a stipulated premium is expected to be paid by you on a regular basis. The amount you pay is usually determined by some factors which include your age, gender, marital status, the insurance company, or the amount of coverage you want.
When a claim is made by you, the insurance company reserves the right to send in a medical expert to examine you carefully before approving the claim. Usually, before finally approving a claim, the insurer usually has approved your plan of care.
Imagine getting old and needing so much care and you could not receive it because those who ought to do it for you are busy pursuing their life’s ambitions. The LTCI helps to bridge that gap.
In conclusion, it is common knowledge that a stitch in time saves nine, it is then of utmost necessity that while we plan on huge vacations and other monumental pleasures, we should also encourage ourselves to insure ourselves for the gloomy days that will come for us all.