Long Term Care Essay Example | Topics and Well Written Essays - 500 words

Long Term Care - Essay Example t is not that easy to get a long-term –care insurance so late, because the cost of insurance may be quite huge or insurers will reject applicant at age 60 for health reasons. Therefore, the best age to buy a long- term –care insurance is mid 50s. One of the reasons is that the price for insurance keeps growing from 3 to 4% each year. For example, a price for the long –term care insurance annually for a 55 year old man nowadays is approximately 1,032$. But, if he will wait until his 65s he will purchase insurance that will cost 2,770$ as it grows 5% per year. The other benefit of buying a long-term – care insurance at age 50s is that with time the risk of health problems increases. The insurers are quite strictly in writing their policies. The statistics from the American Association for Long Term Care Insurance shows that 25% of applicants at age of 60 to 69 were not offered an insurance cause of their health worsened. (American Association for Long-Term C are Insurance, 2014) Inflation protection. All long-term-care insurance must include a 5% compound per year to protect from the inflation. This is a quite important option as it helps to insure all benefits of insurance with the rising cost of living. Alternative plan of care benefits. This option allowed insuring of all additional requirements of the patient. This feature helps for patients receiving alternative supplies or services that were not included in benefits booklet. Benefit period. Accordingly, to the statistic from the US Department of Health and Human Services a person spends approximately 2.4 years in the nursing home. Therefore, patients are able to choose the duration of the benefit period accordingly to their health. 1. American Association for Long-Term Care Insurance.(2014). Whats The Best Age To Buy Long Term Care Insurance. American Association for Long-Term Care Insurance Online. Retrieved from