Insurance Policy: Invest for Long-Term Care with proper Planning


Insurance Policy: Invest for Long-Term Care with proper Planning

Once we become old, we need to care so much for ourselves as our body becomes weak day by day. We cannot carry out our all the day to day work. We need gentle support. We have to meet so many expenses related to health and other special care which we require. Thus insurance policies of long term care are very useful in meeting such expenses.
We have to pay premium when we are young and are able to earn enough, So that that can be used at the old age. In modern concepts insurance companies are providing us with services also. They are in the form of medical care as well as custodial care. It will help in carrying out the following tasks:
               Health Care
               House Keeping
               Preparing food, etc.
Such Insurance Policy for the long term should be chosen after considering the following factors:
               Age: You must start investing in long –term care from a young age. This will give you the following benefits:
o   You have to pay less amount of premium as your age is lower and your health is good.
o   At a young age, you can earn enough to collect for old age.
               Income: You should keep in mind the income earned by you. Is it sufficient to meet the daily expenses or it will be increased in future? If so, then make future plans for investing in Long – Term care.
               Recent and hereditary Health Conditions: You should keep in mind about the diseases that you may suffer and also the chances of hereditary diseases. So that you can choose your Long – Term care on the basis of your health care requirements.

               Costs: There are lots of companies providing Long –Term Care Insurance. You must scan the market and compare the prices and choose the best one. Because sometimes it may happen that the same care be at a cheaper rate in either company.
               Choosing Long – Term Care Company: While choosing long term care company you must keep the following things in mind:
o   The Company is reliable
o   The company is long lasting
o   The company is financially sound
o   It has long term perspectives, etc.
               Buying from an agent: You must prefer to buy long term care insurance from an agent. The trustworthy agent should be chosen so that he can suggest us the care as per our requirement.
               Keep in mind the other pillars in your life from whom you are going to be benefited in your old age. They are, for example family, friends and other well-wishers. So simply don’t waste your money in paying premiums to the insurance companies.

               Always give priorities to your current liquidity position. Don’t pay so much of premium to secure your long term care, that you cannot enjoy your presence.

     –          You must also consider the tax exemptions allowable to you on long term care investments. Thus the investment policy must be so chosen that you can invest your current income and make it tax free and receive the same tax free as long term care.

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