Whenever we find something of interest to us and we really want to buy it, we save for it. Whether it's a house, new car, designer clothing, the latest game console, or a vacation package among others we would save money to be able to purchase it. That only means finding ways to save on long term care is not an impossible thing to do.
Nobody wants to think of long term care or the possibility of requiring it. We all want to maintain young, healthy and immortal if God would allow the last. Unfortunately, these things are just pigments of one's imagination because aging is inevitable.
We can, however, enjoy the aging process if we plan for this transitional stage, anticipate the possible events that may occur and create effective strategies that will help us deal with all the challenges that may arise.
Long-term care planning is not different from formulating a career plan. Backtrack to your first day in your first job which is probably 10 or 20 years ago. That was the time that you consciously and subconsciously began the construction of your long-term career goals.
Planning constitutes of different steps or should we say structured levels that you have to go through at the appropriate time, otherwise you can never reach your goal. Reaching the end of a process does not always mean you've reached your goal unless you benefit from it.
For example, an executive of a telecommunications company invested a big amount of his earnings on a comprehensive long term care insurance (LTCI) policy which has a maximum benefit amount of $750,000 and lifetime coverage period.
After 25 years of premium payment, he qualified for long term care (LTC) as his doctors discovered that he was already at the end stage of cirrhosis of the liver. It was while satisfying his policy's elimination period in a nursing home that his life was snuffed out.
Obviously, the executive wasted a lot of money on an LTCI policy because he did not have his health assessed by a doctor first before purchasing his policy. The end result is that he died without receiving his benefits.
Save on Long Term Care
You do not have to put all of your resources on a single LTCI policy because your maximum benefit amount should depend on the type of care that you will require in the future.
Before buying a policy, the first thing that you have to do is consult a doctor so that you will know the present state of your health. It would also help if you could look up your family's health history to find out if you have a genetic predisposition to a specific type of illness.
Your current lifestyle also says a lot about how your future health. So if you're a heavy drinker don't discount the possibility of acquiring liver cancer, brain damage, or some form of hepatitis. Meanwhile, if a cigarette hangs out of your mouth every hour beware of lung diseases.
Doctors can attest that any type of sickness gradually develops, not overnight. So the best way to save on long term care is to change your unhealthy lifestyle and to see your doctor on a regular basis.
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