Is Long-Term Health Insurance a Smart Investment

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2024
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The older you get, the more susceptible you become to illnesses that necessitate long-term care. Staying in a nursing home or getting care for a chronic condition can quickly drain your life savings. Fortunately, you can get long-term healthcare insurance to pay for most of your medical costs.

Not sure how much your premiums will cost? You can simply go online and look for health insurance quotes for individuals and families, as well as seniors to have an idea of the costs.

Whether this kind of health coverage is a good investment or not would depend on your age and general condition.

What’s Covered in Long Term Health Insurance?

This kind of insurance, which was introduced around 4 decades ago, covers in-home health care and nursing home care. Alzheimer’s and other age-related chronic disorders may require home health care or a stay in a nursing home. And if you have asked around, you should know that a stay in a nursing home will cost an average of $200 per day.

When is it a Good Investment?

If you’re still in your 40s and in fairly good health, long-term health coverage may not be necessary for now, but it’s never a bad idea. Sure you’ll pay lower premiums but it won’t be enough to offset the amount you spend by signing up for it early.

However, when you reach the age of 55, this kind of health insurance starts looking more practical. Experts say that the right time to purchase long-term health care is between 52 and 64. Some say to wait until you’re 60, but that may only be a good thing if you can still afford the premiums by then.

After you pass the age of 60, your health will most likely change. Your body will begin to wear down, and you might be more vulnerable to ailments and health conditions that need long-term care. If you only start to consider long-term coverage at this time, then you may have to face some challenges along the way. Your health will need to be screened before approval, and if you’ve been diagnosed with a chronic health issue then you may be denied coverage.

What You Can Do

Your own health is the key denominator in all this. It will determine whether or not investing in long-term health insurance will make sense. So, if you are a smoker, you may want to consider quitting now while you still can. You don’t want to quit only when you find out you have lung cancer or other serious health problems. If you live a sedentary life, then you need to do something about it as soon as possible. When you are always sedentary, you’re more susceptible to diseases like diabetes, heart disease and stroke. You should also check your family’s medical history because if you have parents, siblings or grandparents who have had strokes and/or heart problems then you are more likely to develop similar ailments in the future as well.