You may need Long Term Care insurance
People age differently, just as they live differently throughout their lives. Typically, the need for
long-term care arises either gradually, as a person needs more and more assistance with their activities of daily living (eating, dressing, bathing, etc.), or suddenly, such as following a stroke or heart attack.
Long-term care differs from acute care in that it is usually associated with chronic, long lasting diseases or disabilities.
Long Term Care National studies indicate that more than 20% of all people over the age of 65 will
use a nursing home at some point in their lives. Your chances of requiring a nursing home are affected by age, health, support from family and friends and financial resources.
Nursing home use increases dramatically with age. One out of every 100 persons in the 65 to 74 age group is in a nursing home on a given day. This number increases to 7 out of 100 in the 74 to 84 age group, and more than 1 out of 5 in the 85+ population.
Family and financial resources
are important. If you have family or friends who can take care of you, or financial resources to purchase individual care services in the home, you might avoid nursing home placement.
The length of time
most people stay in a nursing home tends to fall into two distinct categories. One group, the "short-stayers" generally come from the hospital. Recovering from an acute illness, they get well or die in a fairly short period of time. The other group are those who can no longer live outside an institution. These persons are usually quite elderly and often have mental problems. They are "long-stayers" and are individuals who stay in a nursing home a long time, perhaps the rest of their lives.
You may want to purchase Long Term Care insurance if;
- You have significant assets and income that you are concerned about protecting.
- You don't have significant assets and income, but you don't want to rely on the Medicaid program.
- You want to remain independent and not have to rely on family or friends for care.
- You wish to guarantee you and your spouse will receive quality care, in the setting of your choice.
Your probably do not need long term care insurance if;
- You are already eligible for the Medicaid program and do not mind having limited choices.
- The premiums would greatly affect your current lifestyle and be a financial burden to pay.
Because today's long term care insurance policies offer a variety of features
and benefits, it pays to take your time when choosing your policy. In this section we will help you take a look at what makes up a good policy and the benefit options available to you.
You should consider the following items before considering the details of a long term care insurance policy.
- The benefits you receive in the future should be substantially more than the premiums you will pay in your lifetime.
- IThe policy should be customized to your specific personal and financial needs.
- The premiums should be affordable. Not only now, but in the future as well.
A well-designed long term care insurance policy may be one of the best financial decisions you'll ever make. It can play a very important role
in giving you and your family the peace of mind that you will have all the necessary resources to pay for quality care - where and when you need it.
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