What is long term care insurance?
It is a natural and unavoidable fact of life that we all age. It is also a fact that, as we age, we may not do so gracefully. We’re not referring to appearances, but rather, the deterioration of the body. Simply put, we don’t remain as strong as we were when we were young. Though some may take better care of their bodies than others, the fact remains that age will take its toll on the human condition.
The time may come when we are, for one reason or another, unable to perform regular functions for ourselves, and will need assistance in doing so. Though some cases may be far more severe than others, and some may have more to do with mental afflictions such as Alzheimer’s disease, the end result is that a person once able to care for themselves finds extreme difficulty – or impossibility – in continuing to do so.
This is where long term care insurance comes into play. Long term care insurance provides coverage for assisted living in various capacities that extends beyond a set period of time. Though there are government-funded options that can help you a part of the way, often times they are not enough – or simply do not cover – the kind of long-term and intensive care you need for survival. Long-term care insurance will not only fill the gaps, but open you and your family up to a new set of long term care options.
Depending on your situation, you may begin to encounter serious problems with eating, bathing and dressing yourself, using the toilet, moving from a bed to chair (or vice versa), and walking. These activities of daily living, if unable to be performed without help by the beneficiary, can be performed instead with assistance from a variety of sources, thanks to coverage provided by long term care insurance.
What does long term care insurance cover specifically?
Specifically, the sort of care covered by long term care insurance includes assisted living, adult day care, respite or hospice care, home or nursing home care, and various Alzheimer's facilities. Visiting or live-in care, companions or housekeepers, therapists, or private duty nurse care are all covered under the umbrella of home care in your long term care insurance policy.
You’ll have the chance to see the full scope of what is available to you for assisted living for either yourselves at a later date, or for your parents at a nearer point in time. To be able to care for those you love in their greatest hour of need is an incredibly important and significant gift to give (whether you’re purchasing the long term care insurance policy for someone else, or giving the gift of future security to your children by seeking out a long term care insurance policy for yourself and your spouse).
A long term care insurance policy would be able to provide the sort of financial help you would need to cover the cost of assisted living. Not only that, long term care insurance would offer you a wider array of options in regards to the long term care you receive.
Even if you are actively enrolled in either a health care plan, Medicaid or Medicare, a great deal of the care covered by a long term care insurance policy would not be covered by any of those entities. And it is true you could enlist the aid of your family in these tasks, but doing so would result in a huge imposition on them, not only in regards to their time and effort, but possibly their finances as well.
Do I really need long term care insurance?
A long term care insurance policy would be able to provide the sort of financial help you would need to cover the cost of assisted living. Not only that, long term care insurance would offer you a wider array of options in regards to the long term care you receive.
Ultimately, this is not an area in which you should cut corners – you may wind up needing this care for a very lengthy period of time, and without the ability to handle the cost, you are either putting your health (or the health of a loved one), or your combined financial health in jeopardy. All of these paths have very serious and long-lasting implications.
Depending on whether you get a tax qualified or non-tax qualified long term care insurance policy, the beginning of your payout could start at different times and in response to different stimuli. But the end result is that, if someone needs daily assistance with specified everyday activities, you’ll be able to afford providing that care without having to do so yourself, or if you’re the beneficiary, without having to rely upon the help of family (for which you or they may not be qualified, or be able to do so due to your/their own schedule and financial limitations).
There is also another benefit, in addition to the coverage offered by long term care insurance – often times, your long term care insurance rates are tax-deductible.
How can I get a long term care insurance rate quote?
To understand more about your long term care insurance options, or to get a long term care insurance quote for yourself, reach out to us today. We’ll help you figure out what you would be spending in long term care insurance rates based on your specific needs and situation. To learn more about long term care insurance, use our helpful Web site as a resource of information.
