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In the easiest ways, insurance could be seen as protection against financial hardship due a loss resulting from an event or risk insured against, or a risk management device. Them could often be a concept that is hard to sell to anyone, specially since it sounds so negative. Insurance in the best of light can be the epitome of the saying “better safe than sorry”, or in the worst case scenario something to guard you against Murphy’s law that “if something can go wrong, it will.”

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Some 180 thousand  individuals received benefits from their long-term care insurance protection according to a report issued by the American Association for Long-Term Care Insurance, the industry trade group. “This is the first generation of Americans who are living into their eighties, nineties or even longer,” states Jesse Slome, the organization’s executive director. “It is also the first generation for whom long-term care insurance has really been available to pay for needed and costly care.”

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Long-term care insurance is intended to reduce out-of-pocket costs if someone winds up needing long-term care from a paid provider. Long-term care insurance can pay for a nursing facility or home care, and many policies also cover assisted living, though no policy will pay the full cost of any of these. People usually pay premiums for 20 or 30 years before reaching an age when long-term care is likely.

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Insurance payments can come on different schedules, rather than monthly. If you pay your mortgage insurance via your mortgage payment, a high mortgage insurance bill won’t surprise you at an inconvenient time. While some forms of insurance can be rolled into other payments, like health insurance paid from your paycheck, other forms of insurance aren’t that simple. Car insurance, in particular, can be monthly or even in four easy installments that cover six months. If you’re trying to figure out how to create a budget, an inconvenient insurance bill can easily blow it.

Plan and Pay Ahead

One way to avoid these types of budget surprises is to pay things ahead of time. Even car insurance can be paid annually, as long as you have the funds. In some cases, it may make sense to borrow the money to pay ahead of time, so that you don’t trigger other types of fees or miss a payment and risk having coverage lapse. If the bill is just too high, seek to lower it by shopping around, so that you can afford to pay it all at once, ahead of time. This can be done annually, as rates should change each year, and you might be able to get a real deal as PMI is dropped or your car note is paid off. One of the best ways to reduce the price of insurance is to go with an affinity group, like an alma mater, that offers it’s members reduced rates.

Pay By Automatically Drafting Your Bank Account

While it’s not perfect, it is super convenient. The problem is logging the payment and knowing when it will be paid. If you’re not paying attention, and have your insurance automatically drafted from your account, you can easily overdraft on a low month. It’s up to you whether you choose to automatically draft your account for insurance needs. It’s a simple way to keep things paid, and on autopilot, so that you never risk losing your coverage due to poor memory.

With the country deep in a nasty recession, it should come as no surprise that new statistics show roughly 64% of those soon to retire won’t have enough money saved to maintain their lifestyles.

When you retire, you have expectations of being able to do pretty much what you want to do. But what if you don’t have enough money to do that? What if your standard of living dropped instead, to a level you never imagined was possible?

If you don’t have medical issues, things might be just dandy. However, with the advent of better technology, we are living longer. Living longer may well mean some type of long-term care. While this may be a reality, there are a lot of couples that are not prepared financially to pay that kind of expense out of their pockets. This is where long-term care insurance comes into the picture.

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