When a person becomes ill or suffers from disability that makes him unable to do or perform daily living activities for quite a period of time, long term care is needed. LTC is a variety of services which help both medical and non-medical needs of people. These kinds of services are in the form of home health care, assisted living facilities, community care, and nursing homes.
Retirement savings are not enough to cover long term care cost. Needing assistance in protecting and nurturing your quality of life may come in many forms. The cost for a long term care, treatments, and services may deplete individual and family savings. But how can you protect yourself against the significant financial risk posed by the potential need for long-term care services? To avoid this kind of scenario, getting insurance for long term care is a good idea. Financial planning is critical to protect your independence, your assets and your choices. Insurance for LTC is an important part of that process as you may need assistance with the basics of living in the future.
Long term care insurance aids in paying for the care and services needed when a person can no longer take care of himself. It covers care generally not covered by a traditional health insurance such as Medicare or Medicaid and may protect financial future, investments and savings. Insurance for LTC is an option that will help a lot if chosen and planned meticulously.
There is a great deal of choice and flexibility in LTCi policies. You can choose a variety of care options and benefits that allow you to get the care and service you need in the situations that suit you best.
Some of the benefits of insurance for long term are as follows:
There are also some disadvantages for LTCi such as:
There are two types of LTC insurance – Immediate care LTCi which can be bought on the time LTC is actually needed and Pre-funded LTCi which can be bought in advance in preparation for future needs.
You may never need long-term care. But it is always better safe than sorry. U.S. Government Accountability Office estimates that 40 percent of the 13 million people receiving long-term care services are between the ages of 18 and 64. This means that the need for LTC may come at any age.