A new survey shows that more than a third of recent purchasers of long-term care insurance are paying less than $1,500 per year for their policies. All things being equal, long-term care insurance is the best tool for protecting against the depletion of assets if you someday need long-term care.
The cost of a LTC policy will depend upon a myriad of factors, including your age, your health, the daily benefit you are seeking, and the term of years that you are hoping to ensure.
One caveat to the survey: since the cost of long-term care in New York is higher than the national average, the cost of an adequate long-term care insurance policy for a New York resident will typically be more costly as well.
It's true that the cost of LTC policies get decided upon a number of factors like the age, health, natural of benefits one is seeking as well as the coverage tenure. The 'health' factor will also lay stress upon our 'pre-existing health conditions'.
ReplyDeleteWhile we're applying for an LTC policy, we should remember to share our existing health conditions with the underwriter. At the same time, we should also inform our carrier regarding the treatments that we're currently undergoing. Disclosing facts about our health will certainly help secure our long term care insurance benefits and protect us from hassles in the future.