Ensuring the quality of a long, healthy life is not always easy. In fact, according to Long Term Care, about 70% of individuals older than 65 will require at least some type of long-term care services during their lifetime. Individuals who require long-term care are not always "sick" in the traditional sense but are unable to perform two of the six activities of daily living such as dressing, bathing, eating, toileting and continence, transferring (getting in and out of a bed or chair) and walking.
When a person needs long-term care, a Long-Term Care Insurance (LTCI) plan can minimize the financial and emotional impact of the situation. LTCI plans are both about preserving one’s lifestyle and deciding how long-term health care needs will be met as they arise.
Purchasing an LTCI policy can:
Preserve savings and assets for family and friends.
Help maintain one’s financial independence from family and friends, often eliminating the need to borrow money for long-term care costs.
Relieve family and friends of caregiving tasks, as paying for professional care becomes an affordable option.
Allow a loved one to choose where they receive care. If Medicaid pays for care, a nursing home is the only option. People can design their LTCI policy depending on where they want to receive care: in a nursing home, in the community, at home or in an assisted living facility.
Expand the range of services a loved one receives, including care from visiting nurses, home health aides and friendly visitors programs; home-delivered meals and chore services; and time in adult day care centers and respite services for caregivers.
The benefits a loved one receives from an LTCI policy also depends on the type of plan he or she purchases. It’s not a cookie-cutter policy. Educate yourself so you can make a good, informed decision. Know what you want, get what you pay for and make sure it covers everything you want. Many individuals are now going the route of life insurance plans that include an LTC rider with the plan, thus making it more affordable to have both.