It’s Time to Plan Your Long-Term Care
Courtesy Neighbor Insurance Services, Inc., Linn County LIVING WELL Magazine
No one ever wants to think about needing long-term care, whether it is at home or in a nursing home. But, the odds of needing long-term care are high; at least 70% of people over age 65 will require long-term care services at some point in their lives. Long-term care services may include help with activities of daily living: home health care, respite care, hospice care, adult day care, care in a nursing home, or care in an assisted living facility. They may also include care management services, which will evaluate your needs, coordinate and monitor the delivery of long-term care services.
If a long-term care crisis happened to you “today,” how would you pay for it? Long-term care can be expensive. On a national average, a one year’s stay in a nursing home costs $86,000. Medicare coverage is limited, and Medicaid is designed for people with very few assets. Many decide to pay from their personal assets, which quickly depletes the legacy you hope to leave behind. By planning ahead and incorporating long-term care insurance, you’ll take an important step towards helping to protect your future.
Who should purchase long-term care insurance? You should consider a long-term care policy if:
- You have significant assets and income you’d like to protect.
- You want to stay independent of the support of others, and reduce the burden that may fall on other family members.
- You want to have the freedom to choose where you’d like to receive care – including your own home.
When should I purchase a long-term care policy? NOW! Just as you can’t purchase house insurance after your house burns down, changes in health can make it impossible for you to obtain coverage. Unfortunately, many families delay planning for the costs of long-term care until they are face-to-face with the issue. Then it’s too late to obtain coverage. Since cost is based in part on your age and health at the time you obtain your policy, there will never be a better time than now.
How do I purchase a long-term care policy? Talk to a professional like Eldon Neighbor from Neighbor Insurance Services, Inc. There are numerous companies’ plans and options to choose from. Your insurance professional will consult with you and work to customize a policy that meets your goals and is within your budget. Protect your legacy today, make a call, and give yourself and your family peace of mind.
Eldon Neighbor can be reached at 319-350-6101.
