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Military Families Advised to Get Long Term Care Insurance

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If a Marine and their spouse are seriously injured in an accident and need long term care to help them with daily activities, the Marine is likely to receive some assistance with their situation through Veteran Affairs, assuming that they served during a period of war. However, their spouse would be forced to pay out of pocket for their own care. TRICARE is able to offer skilled nurses to help with medical rehabilitation, but they are not able to offer long term care to assist with the basic activities of life. This is why many military families are encouraged to have another plan in case these types of circumstances arise.

Most people do not even begin to become interested in long term care insurance until they are around the ages of 55 and 65 years old based on information from the American Association for Long Term Care Insurance. Of course, anyone who has experienced a traumatic accident or has taken care of an ill loved one understands the importance of investing in a policy early instead. Being able to have a plan allows them to avoid having a financial burden on the family members. It can also allow for the individual to be able to cut down the cost of their policy.

People are advised to find an insurance professional and decide how much coverage that they will be able to afford. They should also try to find out what types of health discounts may be available. Many are advised to think about the cost of long term care where they currently live and if they plan on living in another location in their older years, what those prices may be like in that region as well. Length of coverage for long term care insurance may depend on the individual’s personal preference, although the average long term care need tends to be around three years. It is never longer than five years.

The monthly cost for coverage can vary. Regardless of if someone purchases a large policy or a small policy, the important aspect to keep in mind is that long term care insurance is an essential. Going without coverage is not going to be an option. This is why individuals need to think about coverage and find the right policy while they are still able to find affordable options. Around 70 percent of people over the age of 65 years old will need some form of long term care insurance or services during their lifetime. Having a small policy can be better than not having a policy at all.

In this sense, even if military families are not able to afford a large policy, it’s important to find a policy that is affordable and ensure that the payments are made on a regular basis. That small policy can be just enough to ensure that both individuals receive the care that they need in their old age and that the responsibility and burden of financial payments doesn’t fall to loved ones or children under the circumstances.