Choosing the Right Long Term Care Insurance Policy
Most people go about their lives without too much concern for the future. Sure, we try to save money and put our kids through college, but do we ever think about what would happen if we were suddenly unable to work? Long term care insurance is an alarmingly overlooked form of protection amongst U.S. workers, with less than half even considering the possibility of sustaining a career-ending illness or injury. The sobering reality is that 1 in 4 of people working full-time today will be out of work for 6 months or more before they reach retirement. It is tragic to think so many people are making themselves vulnerable to serious income loss and high medical bills because they did not think to purchase an insurance policy that would provide protection for them in such a situation.
A good long-term insurer will not only provide anywhere from 40 to 60 percent of your lost wages, but also help curb the costs of any extensive medical care you may need to receive. It is in the interest of the insurer to make certain you can return to work as soon as possible, so rehabilitation programs are commonly covered by benefits. Group plans are the most typical policy for individuals to buy, as personal plans can be disproportionately expensive. An average premium is around $200 dollars a year in a group plan. Considering the astronomical costs that a long-term disability can incur without insurance, it only makes sense to put a little towards a premium every year instead of watching your life-savings vanish in the same amount of time.
