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The insurance thus gives you a cover for such services which can be very expensive.
This insurance covers the community programs such as the adult day care, visiting nurses, nursing homes, assisted living services which are provided in special residence sittings other than your own home and the likes.
All these costs are increasing every year, thanks to rising inflation.
The social security support that the government provides after retirement covers less than half of the living costs.
And the fund that it provides does not cover for the associated costs of medical care like I have just mentioned above.
And with the rising medical costs the expenses like these will only get more costly in near future.
It is also a well known fact that inflation decreases the purchasing power of the dollar that you owe in hand today.
It simply eats into your investments.
To protect your investments against inflation therefore you need to have an inflation coverage which can keep the value of every dollar that you invest intact.
How to choose long term care coverage with inflation protection? The inflation protection is offered in two forms: as five percent compound inflation protection and as five percent simple inflation protection.
Compound inflation protection will give you a higher return as compared to the simple inflation protection.
But higher return comes with higher price.
If you plan to take up compound inflation protection then you will be required to pay a higher premium.
Therefore before you choose a plan take up some calculations.
The premium amount also depends upon your life stage.
If you are much closer to your retirement them you will probably have to pay a higher amount and thus applying for simple inflation coverage will be a better choice for you.
Take some basic search first before you start with your search for a particular insurance policy.
Find out by how much the cost of nursing has increased and how much it is expected to increase.
Also find out the type of nursing that you wish to cover with the insurance policy.
This policy is not for everyone.
Long term coverage is only beneficial for the individuals who suffer from critical illness or any medical complications which require too much on expenses generally not covered by the common medical insurance policies.
Get the quotes from different companies for the policy that you want to purchase.
Companies can differ in their fee structure and this in turn affects the price of the policy.
Therefore ask for the quotes first and compare the price before you choose one.
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