Long Term Care Plans That Allow More Savings

People can’t help but associate long term care plans with big expenditures especially if they are thinking about long term care insurance (LTCI) policies.

Can’t blame them for feeling that way since a bunch of articles about LTCI premium rates abound on the Internet and thus making average families feel that they are not financially equipped to buy a policy; this despite their belief that it is only through this type of insurance product that one can acquire quality care without depleting his resources.

Perhaps with more positive information about LTCI policies there will be more people who will feel inspired to invest their hard earned money into LTCI.

I am an avid follower of write ups that delve into LTCI primarily because I have a grandmother living oceans apart and she’s currently receiving in-home care. Although she’s been confined in the hospital a few times, it never got to the point that she had to leave her home for a nursing facility.

She’s a widow living alone in her apartment in Los Angeles so I couldn’t help but worry about her safety. Every day, a caregiver comes in to provide her with assistance in bathing, dressing, and moving about the house.

It was only two years ago that my grandmother started receiving the benefits from her policy even though she’s been getting long term care for three years now. According to her, she and my grandfather conscientiously looked at different long term care plans before agreeing on a policy with a 365-elimination period. And why not? They were as strong as an ox at the time they purchased their policy and they’ve managed to strengthen their nest egg through the years.

In fact, had my grandfather not been hit by a car and undergone head surgery which he did not survive, he would probably be in charge of taking care of my grandmother now as she’s suffering from diabetes. Aside from opting for a one-year elimination period, my grandfather and grandmother have also managed to receive 50% spousal discount so they only paid close to $900 on annual premiums.

Best of all, my grandfather was a mathematician so before requesting long term care insurance quotes 17 years ago he went around their neighborhood and scouted for rates of nursing homes and calculated their costs 20 years later. That was all he did even though he had a feeling that neither of them would need nursing home care. His reason behind that is if you can afford the annual rate of a nursing home’s private room you can afford other LTC settings, as well.

Although my grandmother did not discount the help which was extended to them by their insurance agent, she said it was my grandfather who did most of the research on long term care plans and calculation of the benefits that they would need. Simply put, his goal to grow old and die with dignity drove him to secure an LTCI policy, which, eventually kept its promise of financial soundness.

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