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The following is a guest post. Enjoy!
What is Long Term Care Insurance?
If you’ve listened to any of the popular television financial advisors, the topic of long term care insurance has been mentioned numerous times. Usually, it is brought up when individuals and families are looking at estate planning, or children are worried about their parents getting older. The reason is long term care insurance covers things that are generally not covered by regular health insurance, Medicare, or Medicaid. Instead, long term care insurance focuses on providing care when you’re not sick, but may not be able to perform the basics of everyday life, or need some type of assisted living care.
What Long Term Care Insurance Covers
Long term care insurance is designed to help cover the costs of providing long term care: such as dressing, bathing, eating, walking, or more. This type of care can be provided in a variety of ways, such as through home care, assisted living facilities, adult day care centers, hospice care, nursing homes, or Alzheimer’s care facilities.Â
Long term care insurance usually also provides for a care-giver (either visiting or live-in), companion, therapist, nurse, or possibly a housekeeper. Depending on the policy maximum, care can be anywhere from visiting at a pre-determined interval to 24 hour care.
Why Long Term Care Insurance Can Help
Many individuals look for long term care insurance because it is currently estimated that about 60 percent of individuals over the age of 65 will require at least some type of long term care during their lifetime. Furthermore, once long term care is actually needed, it may be difficult to get long term care insurance. That is why many people seek it out while they are young.
Also, many individuals may not want to rely on their children or family for support, or they may feel like they are burdening them. As such, long term care insurance can help cover the out-of-pocket expenses associated with getting long term care. Without long term care insurance, the cost of having these services may quickly deplete the savings of the individual, and they could end up a ward of the state or dependent on their children or family after all. Â
How about you all? Have you ever thought about getting or know anyone that has long term care insurance? Do you think this type of insurance is worth the money?Â
Share your experiences by commenting below!
***Photo courtesy of http://s0.geograph.org.uk/photos/24/68/246875_2523ec81.jpg
