Who Needs Long Term Care Insurance?
Who will care for you when you can’t care for yourself? Chances are the day will come when you won’t be able to manage on your own. In fact, almost 70% of those over age 65 will require some form of long term care insurance. So in short, anyone can benefit from having the piece of mind that comes with long term care insurance.
Long term care includes all the assistance you will need with daily living tasks if a chronic illness or disability leaves you unable to care for yourself for an extended period of time. It could be care in your home or a specialized facility.
Wouldn’t Medicare Pay for My Care?
Many people think their private health insurance or Medicare would pay, but that’s not typically true. Health insurance really only pays for doctor and hospital bills. Medicare will cover skilled care for periods up to 100 days, but only if certain requirements are met. If you need care over an extended period of time, you’d have to spend down your assets before Medicaid would kick in, and then, you’d have less choice about the care you receive.
Others assume that their loved ones would provide the care they may someday need, but that’s an imperfect plan. Many don’t recognize the significant negative impact caregiving could have on the caregiver who often suffers emotionally and financially as a direct result of the caregiving responsibilities.
Control Your Care and Protect Your Assets
Long term care insurance puts you in control. Long term care insurance helps make sure that you’ll have access to high quality care should you ever need it. Using insurance to pay for care also means that you won’t need to choose between getting the assistance you need and spending down your life’s savings.
Long term care insurance is an insurance contract that allows you to have a plan in place to help protect your assets and remain as independent as possible. This type of coverage may help you maximize your independence as well as assist your loved ones when you are unable to care for yourself.
If you are looking to help protect your assets from being depleted should a long term care need arise, long term care insurance might be a good option for you or a loved one.
What is Covered by Long Term Care Insurance?
A long term care insurance policy may help you pay for the care needed when you are unable to do everyday activities such as eating, getting dressed, bathing, maintaining continence and getting in and out of bed without assistance, or if you have cognitive impairment. The goal for long term care services is to provide assistance and improve the quality of life for those who are chronically ill or have a severe cognitive impairment, such as Alzheimer’s disease.
A comprehensive long term care insurance policy may provide coverage for long term care needs in the home (home health care or skilled nursing care), community-based settings, an assisted living facility or nursing home.