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A Guide to Purchasing Long Term Health Insurance

Although health insurance is a primary concern for people of all ages, many individuals fail to make long term health insurance a priority until they're approaching retirement age. Yet due to healthier lifestyles and advances in the medical field, people are living longer lives than ever before.

This is great news, but it's a fact that living longer increases the likelihood one will experience long term health issues. Without adequate insurance to cover long term healthcare needs, quality of life can quickly be compromised. Long term healthcare allows individuals to enjoy the best health possible and protect their financial assets for all the long years of their lives.

What is Long Term Health Insurance?

Long term healthcare insurance is insurance that's designed to pay for necessary medical care in the event of disability or chronic, long term illness. It covers costs associated with nursing home care, adult daycare, assisted-living facilities, and even for necessary medical care you receive in your own home. In short, it's a way to avoid having to use the financial assets you've worked a lifetime to accumulate to pay for costly long term medical care.

Although few people like to think about having to pay for long term healthcare, it's a fact of life for many seniors. Taking steps today to provide for your future medical care can be a smart way to avoid financial problems that could affect yourself or your family as you age.

Buying Long Term Health Insurance

Many people fail to consider long term health insurance until they experience a health crisis. Unfortunately, if you wait until you're already diagnosed with a long term health issue, you'll be uninsurable. You must meet basic good health criteria to qualify for long term health insurance. Not only are you guaranteed coverage if you buy while you're healthy, it's also likely you'll receive a good health discount on your premiums for each year you're healthy.

Although you can wait to purchase long term health insurance until you're in your early 60s or approaching retirement age, you'll pay much less if you buy when you're young. Rates for individuals in their 30s or 40s are incredibly low, and even individuals in their 50s will pay far less for long term insurance than those in their 60s.

Even better, most reputable insurance companies maintain rate stability, so your premiums don't escalate as you age. You can essentially lock in a rate in your 40s that will stick with you into your 70s, 80s and beyond. In addition, although your premiums remain stable, tax deductions for long term care premiums increase as you grow older.

If purchasing long term health insurance sounds like a smart way to manage your future healthcare costs, take the time to explore all of your options. Many companies specialize in offering long term healthcare insurance today, and you can shop around to get the most competitive rates.

Price may be an important consideration, but it shouldn't be the only criteria you use to choose a long term health insurance policy. Read through each policy you consider very carefully so you fully understand coverage amounts, exclusions, limitations, and deductibles. Determine exactly what the company's payout policy is, and find out whether your benefits will adjust for inevitable rises in the cost of medical care in the coming years. Check the company's reputation out thoroughly, and be certain you're dealing with a company that provides excellent customer service.

When you consider you're making a decision that will have long term and substantial financial implications for you and your family, it's easy to see why taking the time to choose the best policy is so important.

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