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Long Term Care Guide What is Long Term Care (LTC)? Every day, you perform a number of actions. Some of these actions include:
Long Term Care insurance pays for assistance when you or your loved one are unable to complete some or all of these Activies of Daily Living (ADL's) due to a degenerative disease (Alzheimer's) or debilitating condition (stroke). Why would I need Long Term Care? The life span of Americans is constantly increasing. Living longer means more and more of us will eventually suffer from a debilitating medical condition, such as a stroke or Alzheimer's. Also, due to advances in medicine, many diseases that once killed quickly are now treatable, and patients can live for years or decades. How much do Long Term Care services cost? Long Term Care services are very expensive. One year in a nursing home can cost more than $40,000. Home Health Care for a few hours a day, a few days a week, can easily exceed $1,000 per month. What is Long Term Care insurance (LTCi)? Long Term Care insurance can cover the expenses of a broad range of services, including nursing home care, home health care, and assisted living. Should I consider buying Long Term Care insurance (LTCi)? If you can afford the premiums, you should be protecting yourself against the financial devestation that can occur if you need Long Term Care services. Purchasing Long Term Care insurance allows you to control how and where you or your loved one are cared for. Perhaps you would like the flexibiliy of Home Health Care rather than going into a nursing home. You might want the flexiblity of Respite Care, which allows your family to be the primary caregivers, and provides them with backup so that they can take some "time off" from caregiving when necessary. I don't need LTC - my family will take care of me! (Respite Care) Caring for a family member who has a physical or cognitive disability can be stressful at least, and traumatic at worst. It's natural to want to be cared for at home, by your loved ones - and it's entirely natural for them to want to take care of you. At some point, there may be another family emergency which they must attend to, or perhaps the stress of caring for you will take it's toll on your loved ones - they will need a break! If you don't have a Long Term Care insurance policy, they don't have many options. Respite Care will ensure that they have the support in place, so that they can take time off from caring for you when they need it. Respite Care allows your family members to be the primary caregivers, and fills the gaps when they cannot. |
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