One of the topmost priority that we must consider while we are young and still independent of others’ help is acquiring a Long Term Care plan, not only for ourselves, but if possible, for our loved ones as well.

The need of an individual for a Long Term Care policy has been one of the main concerns of professionals in the medical and insurance fields. Studies show that at least 40 to 60 percent of individuals will have to rely on extended help in some point of their lives. Experts are well aware of the fact that with the state of the economy these past few years, it would be a wise move if we start to consider purchasing a Long Term Care so that we do not have to worry about our future medical and non-medical needs. This kind of insurance coverage is usually expensive and mostly benefits those who purchased one at a younger age.

So, you might be asking what a Long Term Care really is and how it helps its policyholders? And also, one more important question is how and where to avail this insurance package.

A Long Term Care plan covers services for policyholders who are aged 65 or above, especially those who have prolonged illnesses or diseases like that of Alzheimer’s. Included in these services are, but not limited to, daily rehabilitation and therapy, personal care and assistance from medical professionals, nursing home facilities, and pays out for the professional care fee for those who will be treated at their own home. Long Term Care plans’ premiums vary, depending on some considerations like age of the applicant at the time of the application, current health condition of the applicant, family health conditions, the kind of lifestyle the applicant has, and if the applicant is a smoker or non-smoker. Also, premiums and rates may depend on the location or area of coverage of the plan.

Some states also offer Long Term Care insurance partnership programs which is a tie-up between the local state government and some private insurance companies. It allows you to apply for Medicaid, but does not assure that you would be qualified, if you have already exhausted your insurance partnership plan. It also offers Dollar-for-Dollar asset protection that safeguards the insurer’s assets in an amount equal to the benefits that the partnership policy has paid out.

Long Term Care policies also have certain levels of inflation protection. With this, the daily benefit amount increases to keep up with the increased cost of expenses and also to cope up with inflation. Below is a sample of the usual inflation protection of a partnership plan, although some states may offer different levels of inflation protection:

For:

• Age 61 and below: automatic compound inflation protection of at least five percent.

• Age 61-75: Automatic simple or compound annual inflation protection of at least five percent.

• Age 76 above: May avail by choice, but inflation protection is not required.

Some insurance companies provide online assessment and give you Long Term Care insurance quotes for free. All you have to do is to provide certain information that can be found on their website and they will email or contact you for further information and/or confirmation of your purchase.