Is it Good to Invest in Long Term Care Health Plans?
Posted on Dec 18 2012 at 01:48:06 AM in Finance & Investment
Long term health care plans are available for chronic diseases or health disabilities which is likely to stay for long term. In most of the situations the health conditions which stay for rest of the life. The care may include from 24 hours nursing care in nursing home to help in your own home.
It has been estimated that around 1.2 million people in UK are under long term care. Among these people large portion consists of elderly people where 1 in five is over 85 years and one in 10 is over 64 years. Majority of people required long term care either suffered with stroke or other chronicle disease like advanced arthritis, dementia or Alzheimer. However, one should remember that long term care can be required by people of any age group. Following an accident can left individuals under long term care.
Cost of long term care plan varies depending upon the level of care required. It generally costs an average of £450 a week for nursing home care and residential home require £300 for a week. People who pay for own long term care often loses their home while managing these expenses and around one in three comes in this category. However, if you enroll in long term health insurance plan then you will get similar care and medical attention without reducing your valuable assets.
There are several queries associated with long term care which often comes in the mind of individuals. People often think that if they have already national health insurance security then what the need to get long term care security is. If you do not have long term care security then you may lose everything that you own just to fund your personal care cost. It can be a difficult situation for you to bear your own property going out in hands of someone else and your children get denied for their inherited property. Even if you are ready to lose your assets to get long term care home there is no security whether you get efficient care or not if you do not have long term care coverage.
Remarkable points about long term care:
There are three kinds of long term health care plans- immediate LTC health insurance, Deferred LTC health plan and pre-funded LTC health security. Immediate plans are available to offer similar medical care and treatment alike immediate health insurance plans. Here, you need to purchase an annuity with lump-sum which further covers cost for long term care. If you live longer then you receive long term care and you will lose cost if some undesired happening happen with you earlier.
Deferred care offers similar facilities as immediate care but it cuts cost by deferring the benefit for limited period. Pre-funded plans are similar to traditional plans which you may buy at any time. Policy will pay when your situation reach at set criteria.
Long term care health insurance investment offers several benefits. It protects your assets and also provides full security to get long term care home. However, you will get nothing if you do not claim for this health coverage. Remember one out of five over 85 years of age require care in their age.
Long term care private health insurance to get full care in later years of life