Long Term Care is designed to offer assistance with daily activities in the event of an extended illness or disabling incident. A Long Term Care policy provides services for those in need with both health and personal care needs. Care can be provided at home, or in a skilled nursing facility depending on preference. With an aging population, it is expected that 12 million elderly residents will be in need of Long Term Care assistance by 2020. Rather than spending assets and relying on the help of loved ones, which can be both financially and emotionally draining, a Long Term Care policy can provide peace of mind.
Long Term Care serves as a means to assist people once they are unable to perform Activities of Daily Living or ADL’s. Assistance will be provided for ADL’s along with every other aspect of daily life, such as shopping, transportation, and even adult day care (additional fees may apply for such services). Long Term Care services can be provided both on a short term and long term basis depending on the patient’s needs.
Definition of Activities of Daily Living (ADL’s):
- Eating
- Bathing
- Dressing
- Toileting
- Transferring, or Walking
- Continence
Long Term Care policies can be purchased at any age, as one never knows when they may (or may not) need LTC. Of course, the earlier you purchase a Long Term Care policy the less it will cost, but most experts agree the best time to buy is from 50 – 60 years of age. However many factors will affect how and when you should consider adding a Long Term Care policy to your portfolio.
Factors to Consider:
Gender: Women tend for the most part to live longer than men. This means they stand a much higher chance of needing LTC in the future
Marital Status: Those with capable family members who can provide home care if needed can avoid a nursing home more readily than someone who is alone
Health History: If family history shows debilitating illnesses, such as Alzheimer’s or strokes, a LTC policy may be a good investment.
Longevity: The longer you live, the more likely you will need Long Term Care. If your family tree is full of centenarians, purchase a Long Term Care policy.
Our agents can help you purchase the best Long Term Care Policy for your needs. Contact us today!!