Protect your Assets with Long Term Care Insurance
Long Term Care (LTC) represents one of the greatest risks to your financial future. At least 70% of people over the age of 65 will require LTC services at some point in their life.
What is Long Term Care? The care needed when you are no longer able to care for yourself independently. Some people find themselves in need of help with eating, bathing, dressing, toileting, continence or transferring (being able to get from the bed to a chair). These are called the ADL’s or Activities of Daily Living. Someone with a cognitive impairment such as Alzheimer’s disease or dementia may need constant or 24-hour care.
How Does Long Term Care Insurance work? Long Term Care Insurance is designed to provide reimbursement for claimed services to those who need help with the Activities of Daily Living.
Where Can Long Term Care Services Take Place? When you think of Long Term Care, the first thing you may think of is a nursing home. But if you’re like most people, you probably want to avoid a nursing home. Long Term Care can be performed in a variety of settings including facilities such as Skilled Nursing Homes or Assisted Living/Residential Care facilities, Adult Day Care centers and in your home. The type of care you receive in your home is called Custodial Care. Custodial Care is provided by someone other than a nurse who assists with the ADL’s in response to chronic health-care needs. Skilled Care is provided by a nurse on a 24-hour basis.
Why Should I Consider Long Term Care Insurance?
- Helps to protect my savings, assets and investments
- Provides access to multiple facilities (allows me to make the choice of where I receive care)
- At home
- In the community
- In a facility
- Independence and control
- Don’t want to be a burden on my family
- Want to avoid welfare
- Peace of Mind