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 Long Term
Care refers to temporary or ongoing care for those who need minimal to full assistance with daily living. Long Term Care providers help the elderly and people with permanent and temporary disabilities function as independently as possible for as long as possible. Ideally, we will be able to choose the people and places we feel will provide us with top care should we need this type of service.
Because people of all ages can need Long Term Care, it’s never too early to protect yourself and your loved ones. It is one of the few ways available to alleviate the financial devastation and loss of dignity the underinsured can face. If you select a LTC carrier now, you help guarantee you and your loved ones are protected, no matter what happens.
Medicare only covers Long Term Care costs when recovery is possible. LTC insurance covers your choice of care providers regardless of your circumstance. Medicaid may cover Long Term Care but you must meet strict income and asset requirements to qualify. It would seem reducing your assets would help. However, in doing so, you also may lose control over where and when you receive care.
By purchasing Long Term Care insurance, you are giving yourself and your loved ones additional choices and control. During difficult times, these things are more important than ever. We all need this type of coverage, particularly once we reach a certain age, as well as if we have a poor family medical history. Long Term Care coverage offers security and safety for individuals and families, so that you can enjoy life and rest assured in the 'safety net' you have provided yourself.
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Assistance and services are covered by Long Term Care policies may include:
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- Getting up and sitting or laying down, walking
- Getting in and out of a wheelchair
- Companionship
- Bathing, dressing and grooming
- Getting to and from the bathroom or managing incontinence
- Pain management
- Medication management
- Counseling
- Diet/meal planning
- Brushing teeth and washing/styling/cutting hair
- Shaving
- Entertainment and activities
- Social activities
- Help making and receiving phone calls
- Help reading and writing letters/sending mail
- Supervision to prevent high-risk behavior, like wandering
- Emotional support and counseling
- Physical therapy
- Medical care
- Transportation to and from medical appointments
- Transportation and errand running
- Meal preparation, eating and drinking
- Cleaning and other household tasks
- Money management and bill payment
- Home and lawn maintenance
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5 Common Long-Term Care Insurance Mistakes to Avoid..
1. Assuming you don't need Long-Term Care Insurance
Long-term care includes a wide range of medical and support services for people requiring assistance with normal everyday activities. It can also involve the institutional supervision of someone who is cognitively impaired, recovering from prolonged illness, or living with a degenerative condition.
2. Believing Medicare and Medicaid cover all Long-Term care Expenses
While partially true, this approach to long-term care can have dire consequences on your assets and on the quality of your retirement. There are three primary methods by which to pay for long-term care other than insurance: Medicare, Medicaid, and Personal savings.
3. Choosing The Wrong Policy
Once you're convinced you need long-term care insurance, you still have to find a provider and the right plan. Remember, your security is tied directly to the financial strength and integrity of the issuing insurance company. And once you've selected a reputable provider, you still need to make certain your policy provides for your specific needs.
4. Delaying The Purchase of Long-Term Care Insurance
The prospect of needing long-term care can be unpleasant, and some people put off the purchase of long-term care insurance until they believe they need it. On the surface, this may seem wise if you're in good health and physical condition. however, this strategy can backfire in the event of a serious illness or inquiry, or with the onset of a degenerative condition.
5. Assuming There Are Better Investments Than Long-Term Care
Strictly speaking, it's impossible to consider long-term care insurance an investment. People do not invest in insurance per se. Instead, they purchase insurance so that if they need to cover a future financial loss, their risk is covered. The potential costs of long-term care can directly affect your lifestyle and should be a part of your retirement strategy.
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