Long Term Care Policy- Planning For Your Old Age

The term 'Senior Citizen' spells a perfect combination of ultimate wisdom
and experience! However, sometimes it also resounds with silent pain,
suffering and worry that become their only companions in life. They have
enjoyed life's most cherished moments, as well as witnessed its darkest
side. They have experienced the harsh realities of life, often suffering
from the indignities of uncaring relatives. Using long-term policies created
specially for them can allay the challenges senior citizens face in their
silver years.

Types:

There are various long-term care policies catering to the physical ailments
that afflict old age. Often, severe medical conditions require specially
trained nurses and doctors twenty-four hours a day. Long-term care envelopes
regular care required by a person ailing with an acute illness or
disability. The degree of care generally includes bathing, dressing and many
other specific services.

Main Concern:

The main concern of most families is to provide their aging parents with the
best available long-term care, without resulting in a major monetary burden
for the rest of the family. Usually, most families wonder when to time the
long-term care for their aged relatives; whether it is required at all, or
would the care given by family members themselves be enough.

Major Disagreement:

One of the greatest arguments against buying a long-term care policy is that
people feel that the money paid as premium would be wasted if there were no
need for the benefit. It is akin to people hesitating about getting their
car insured, for there is no guarantee of the car being damaged in an
accident. Of course, it boils down to priorities; just as one insures a car
to take care of unforeseen circumstances, long-term care insurance provides
future security by taking care of an aging loved one.

Reasons:

Though it is not possible to predict if there would ever be a need for
hospitals, home-care services, or assistance in living, still, you could opt
for a long-term care insurance policy for reasons such as:

- Restoration of personal freedom
- Easing the burden on care-takers
- To save assets for the rest of the family.
- To access the virtual helping hand at a time of acute crisis.

Eligibility:

A senior citizen would be eligible for funds provided they meet
the following criteria:

- If he or she is unable to perform at least two to three, out
of five or six, regular activities that are necessary for daily
life, which includes bathing, dressing, toiletry, moving about,
feeding oneself, and the like.
- All tax-qualified policies state that a qualified doctor must
declare the applicant severely ill.
- The illness should have signs of lasting for at least for
ninety days.

Though long-term insurance policies are an expensive buy, yet
their significance is important for senior citizens. As one
ages, there is a growing fear of being hindered by illness and
disability, the costs involved, and being a burden on one's
family. A long-term care insurance policy goes a long way in
easing these fears, helping senior citizens face their silver
years confidently.

About The Author: Joe Kenny writes for the UK personal finance
sites http://www.ukpersonalloanstore.co.uk and also
http://www.cardguide.co.uk