Sales of long term care insurance (LTCI) policies gradually picked up following the much celebrated 3 in 4 Need More campaign, a long term care (LTC) program that was mounted by leaders in the LTC industry to inform Americans about the importance of planning their future health care needs to protect their finances.
However, a vast majority of uninsured folks were taken aback after checking their requested LTC quotes.
Before scrutinizing the reason that discouraged some people from moving forward with a policy, it’s better to savor the positive outcome of the event which is the fact that LTCI companies have managed to increase their sales after the program kicked off. This is a clear sign of a big reduction in what would otherwise be a gazillion Medicaid beneficiaries.
Another good thing that came out of the event is that more people started requesting LTCI quotes. Once a person shows interest in this insurance product, he has taken the fist step in acquiring an LTCI policy.
Now the problem at hand is the backing out of some individuals from a potential LTCI coverage. This is almost like turning down a brand new house and lot or a luxury car just when you’ve gotten so close to it already.
Perhaps these individuals who, after seeing the figures in their requested LTCI quotes, concluded right away that no way are they going to pay that much money. Someone must have missed out on explaining to them that those quotes were only supposed to give them an idea of how much a potential coverage will cost them.
Upon receipt of their LTCI quotes, consumers should peruse each and compare all the variables. Everything in their quotes is still subject for negotiation.
Remember what elder care specialist Dr. Marion Somers said on television? “You pay what you negotiate for.”
3 in 4 Need More LTC Advice
The youngest member of baby boomers will turn 65 in less than 20 years. Hopefully he or she has already secured an LTC plan as the cost of care is predicted to rise fourfold around that time.
Just because they were able to survive the financial burden that came with their parents’ LTC, it does not follow that their own health care needs will be just as manageable. Everybody has to keep in mind that the cost of care is never constant. What comes in five figures today may be in six next year.
It is only by planning early that one can emerge victorious in his battle against LTC costs. An individual does not have to wait for a specific age before he can start planning his health care needs. In fact many people as young as 40 have secured a plan already so by the time they reach the age of retirement, they can simply spend their time on vacations, get together with loved ones and friends, and many other interesting activities.
Perhaps a little rehash on the topics that were tackled in the 3 in 4 Need More campaign will further increase the country’s insured population.