Long-Term Care Insurance Completes Your Financial Plan
Does your financial portfolio include a long-term care insurance policy? It should! You’ve insured your home, your health, your car, even your life. You’ve carefully planned your savings and your investments. But all of your plans could be wasted if you or your spouse would require long-term care. The risk of needing long-term care is high. Almost seven out of 10 people turning age 65 today will, at some point in their lives, need long-term care. So, for every 1,000 people….five will have a house fire, 70 will have an auto accident, but nearly 700 will need some type of long-term care.
Long-term care insurance is the private enterprise system’s solution to this serious problem that threatens the financial security of Americans. Long-term care insurance covers care in a nursing home, an assisted living facility, personal care at home, and community services such as adult day care. You can choose the type of coverage that is appropriate for you. Many policies also pay to provide training for family caregivers, and offer respite care so that your family members can have a break from caregiving. Generally, you receive benefits from the policy when a licensed health care practitioner determines that you are eligible. You qualify for benefits when you need help from another person with two or more activities of daily living (ADLs) such as bathing, dressing, using the toilet, eating and moving in or out of a bed or chair. A severe cognitive impairment, such as Alzheimer’s disease, will also quality you for benefits.
The purchase of long-term care insurance is not something you do just for yourself. You really do it for your family – your spouse and your kids. The emotional trauma of long-term care is enough to deal with. Giving your family the financial support to deal with long-term care needs is one of the most meaningful things you will ever do for them. Planning for long-term care is not just a good idea – it’s essential for every American so that families may retain INDEPENDENCE and CHOICE when care is needed.