Perhaps you’ve read about long-term care, heard about it on the news, or know someone currently receiving long-term care. At Loomis LTC, our goal is to educate you about long-term care and the many benefits your Long-Term Care insurance provides. We believe that having a Long-Term Care insurance policy in place is an essential part of everyone’s financial plan.
Americans are living longer, thanks to medical advances, better nutrition and healthier lifestyles. But, the longer we live, the greater our chances of needing some type of long-term care.
And, while an estimated 70% of those over age 65 will experience long-term care during their lives, it is very important to be aware that the need for long-term care can occur at any age. Currently, over 40% of those receiving long-term care are under the age of 65.
Long-term care is care provided for you when an accident, stroke, a chronic illness such as Parkinson’s disease or arthritis, or a cognitive impairment, such as Alzheimer’s disease, results in your needing assistance for a prolonged period of time with such normal daily activities as bathing and dressing.
Family and friends may be willing to help care for you but their busy lives and distance from your home may make it difficult for them to provide the level of care you need. Outside help is usually available but, as you can see from these tables, it is expensive. Generally neither your health insurance nor Medicare will cover these costs.
See the Average Long-Term Care Costs for Florida, New York and the San Francisco Bay Area.
What would you do if you needed care and had to pay these costs out-of-pocket? For most of us, having to do so would have a substantial negative impact on our finances. One of the most important benefits that your Long-Term Care insurance policy provides is peace of mind.
The peace of mind that comes from knowing that you will not have to pay for your care with funds that you have set aside for retirement, for your children’s education or other purposes.
Your policy will help pay for the cost of care provided by home health aides, therapists and homemakers in your home. Your insurance will also help pay for the cost of services provided in an assisted living facility or a nursing home.
You will also have the peace of mind that comes from knowing that your Long-Term Care insurance allows you to maintain your independence. You can choose the services you want, who will provide them and where you will receive care. Most of us would prefer to receive that care in our home.And, you will have the peace of mind that comes from knowing that the burden of providing your care will not fall on your family and friends, letting them care ABOUT you and letting professional caregivers provide care FOR you.