What is long term care (LTC)?
Long term care is for the elderly, someone with a chronic illness, or someone with a disability that requires care over a long period of time. People are living longer so it is so important to think about how you will receive the care that you need when you now longer can care for yourself. More than half the population will need long term care at some point in their lifetime. Long term care include activities of daily living (ADLs) that include bathing, grooming, dressing, toileting, and feeding so it isn't just for medical needs.
When to buy LTC?
A lot of people wait until they think they need something to buy it, but this does not work when you are talking about insurance. Long term care needs to be purchased and in place before you need it or you won't be able to get it. You will need to start thinking about long term care starting at the age of 50.
Who needs LTC?
Needing long term care is mostly associated with the elderly, but this is not the only time that the services are needed. Say for instance that a 55 year old man had a stroke and lost ability to properly dress and groom himself. It is always a good idea to have a long term care plan in place as early as possible so if you have an unexpected health situation then you have your needed coverage in place. The underwriting for long term care is thorough so it isn't going to be a situation where you can wait until you need the coverage to apply. Underwriters are trying to make sure that applicants don't need long term care now, already have issues with the activities of daily living or are currently having issues with their cognitive functions.
In many cases, there is no long term care in place and no money to pay for the cost of care needed (nursing home, in-home care, or assisted living facility).
Many people mistakenly think that Medicare will pay for the cost of long term care, but it does not. This care can be paid for by Medicaid if the person can qualify, but not everyone does. In these situations, family members try to take care of an elderly relative. This often causes problem to the caregiver who is trying to maintain their job while performing the care giving function. It can be a difficult balancing act. It can cause tardiness, decreased productivity and work ethic, reduced work hours, increase in personal phone calls, health issues for the caregiver, and increased stress levels.
Many people do not see the necessity for long term care policies until they need them. By then it's already too late. If you think that a premium for an insurance plan is too much, then it's going to be hard for you to cover the cost of care when you need it.
In many cases, there is no long term care in place and no money to pay for the cost of care needed (nursing home, in-home care, or assisted living facility).
Many people mistakenly think that Medicare will pay for the cost of long term care, but it does not. This care can be paid for by Medicaid if the person can qualify, but not everyone does. In these situations, family members try to take care of an elderly relative. This often causes problem to the caregiver who is trying to maintain their job while performing the care giving function. It can be a difficult balancing act. It can cause tardiness, decreased productivity and work ethic, reduced work hours, increase in personal phone calls, health issues for the caregiver, and increased stress levels.
Many people do not see the necessity for long term care policies until they need them. By then it's already too late. If you think that a premium for an insurance plan is too much, then it's going to be hard for you to cover the cost of care when you need it.
