What are the Cons of Private Long Term Health Care Insurance?
The cons of private long term health care insurance may outweigh the pros for many individuals. Claim denials, delayed benefits, and high premiums are more than enough cause for pause among those for whom the money spent on such insurance is precious. Long-term insurance is usually funded entirely by an employee, unlike other types of insurance, which are usually coupled with the contribution of an employer. The premiums, which are quite high in comparison to regular health care insurance, rise incrementally as one ages-but purchasing such insurance is often not on a young person’s radar. Even a healthy married individual in his or her mid-50s can expect to pay over $10,000 per year in premiums. Once a person develops a serious medical condition, he or she can expect even higher premiums, if coverage can be obtained at all. Home care costs, which may be reduced by such coverage, are almost never covered in full, making it nearly impossible for some to avoid nursing homes for ailing fam
