Care Insurance

MIG Explains Who Should Buy Long-Term Care Insurance and Why

July 15, 2019

When teenagers, young adults, and even middle-aged individuals focus on important aspects of their lives, they frequently overlook the distant future. It is difficult making plans for four or five years down the line, and it is even more difficult to imagine what your plans would be twenty or thirty years in the future, or even more! Unfortunately, without having these plans for the distant future, you leave yourself vulnerable for a lot of different issues down the road. Aging comes with several problems, and if you’re not prepared, you could be in some serious trouble in the future.

One of the most important factors that every older individual would recommend that younger people should focus on is long-term care. For those unfamiliar, this is the type of care that goes beyond healthcare insurance plans. In fact, it has very little to do with them because it also accounts for housing, therapy, management, transportation, and so on. Also, long-term care ensures that the person who is covered under a certain plan has a community to engage with and activities to perform so that their stress, anxiety, or depression are reduced.

Enter Insurance

According to MIG, an insurance agency formerly known as Mauro Insurance Group that works in Maryland, D.C., Virginia, and Pennsylvania, there are a few ways to make sure your future is secure, and you have the care you need. To gain access to that much-needed, long-term care that was mentioned, one can turn to a wide variety of insurance plans.

How does this work? Long-term care insurance is charged to someone on a monthly or yearly basis. By paying these premiums, you are covered against many things that your health insurance does not cover. These plans cover care at home, in a nursing home, an assisted living facility, or an adult daycare center. Instead of saving thousands of dollars for this kind of care or worse, going into debt, a long-term care insurance plan will allow you to stay in your home longer and give you access to the care you might need to improve your quality of life.

The Appropriate Buyers

There are a few different demographics who may benefit from long-term care insurance. The most common are young adults and middle-aged individuals who have full-time jobs with average or above-average incomes. These are the individuals in the best position to take on additional monthly expenses to prepare for the long-term.

Also, most providers seek consumers who are in decent health before offering favorable terms. According to MIG, this helps reduce the risk of large payouts if long-term care has to be started early upon one’s unexpected illness. With this in mind, individuals are encouraged to seek long-term care insurance while they are still reasonably young and in good health to ensure the best possible prices.

Best Timing

One of the most difficult things to properly estimate is the timing related to the long-term care insurance policies. This is because there is no clear-cut rule about when people should purchase the coverage. Generally speaking, the sooner one does, the more likely they are to be safe from any unforeseen circumstances in the future. Additionally, it is important to mention that long-term care insurance comes at rates that vary over time. This is because any increases or decreases in the cost of living affect the prices of policies.

As mentioned, however, signing up early could help side-step these types of problems because a lot of insurance offers to provide “locked-in” terms. For those unfamiliar, these types of offers are the ones that will maintain the same monthly payment and future payouts regardless of the conditions in the economy.

Why Should Anyone Do It?

After answering the “who” and the “when” questions, it is time to look at the “why” part of the equation. After all, most buyers will usually ask companies why they need this added insurance that will be charged on a perpetual basis and cost them money for the rest of their life.

According to MIG, the best way to answer this is to say that long-term care insurance offers unparalleled peace of mind. Just like with other forms of insurance such as a vehicle, home, rental, or healthcare, people generally purchase them in anticipation of worst-case scenarios. They know that if something goes wrong, they will be protected and have a way to overcome the adversity.

The exact same concept applies to long-term care. Given the enormous costs of these services that have not gotten cheaper over the past decades, many individuals may find themselves unable to afford proper care when they reach an age where basic daily tasks seem impossible to accomplish. At that point, having long-term care insurance will be the difference between someone who has to suffer daily, and someone who gets to enjoy every single day.

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