Long term care insurance is an insurance product sold that helps provide for the cost of long term care beyond a predetermined period. Long term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Individuals who require long term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
The goal of long term care services is to help maximize your independence and functioning at a time when you are unable to be fully independent.
Top 10 REASONS WHY PEOPLE NEED LONG TERM CARE INSURANCE
10. The government is not going to pay for LTC at home, in a nursing home or in assisted living center.
9. The average cost for nursing homes in this area is $150 a day. These costs are perfectly capable of wiping out a lifetime of savings.
8. A Harvard University study showed 69% of single people and 34% married couples would exhaust their assets after 13 weeks of care.
7. At age 65, a woman has a one out of two chance of needing long term care. A man has a one out of three chance.
6. Medicaid kicks in only after a person’s assets are gone.
5. Children would like to help but often have children of their own and they must care for them as well.
4. Health rarely improves with age.
3. People cannot buy long term care coverage at crisis time or when they are ready to use it.
2. Americans have access to the best health care in the world, if they can pay for it.
1. Most people want to choose where they go instead of having to go where they are taken, and if independence is important to them, they will have a big estate or adequate insurance.
There are many reasons why people don’t plan ahead for long term care. These include the natural tendency to avoid thinking about becoming dependent on others for your care, misinformation about the risks of needing care, and lack of knowledge about the cost of care and payment options.
Many people don’t realize that their chance of needing long term care by the time they turn 65 is as high as 70 percent. Consumer surveys have shown that many individuals don’t realize that health insurance, Medicare, and/or disability coverage do not pay for most long term care services. Another reason is that some people find it too difficult to raise these subjects with their loved ones, making it difficult to explore and define their plans. Finally, some people realize it is important to plan, but don’t know how to go about it. The best way to begin is with small and easy steps. Even just talking with your loved ones is a great first-step!
You can start planning by reviewing the information on this and complete our simple and fast long term care quote form.
