Long Term Care Insurance
Long Term Care Insurance provides for costs arising out of services that go beyond medical and nursing care. Long Term Care refers to services used by people who have disabilities or chronic illness and need help in performing daily basic activities like eating, bathing, dressing, using the bathroom, moving from bed to chair etc. With Long Term Care Insurance you can receive care in your own home, at a nursing home, adult day care or other assisted living facilities.
Demographic studies reveal that by 2030, the number of people aged 65 and above will increase to 71.5 million. Due to a prolonged illness, injury or disability over 40% of Americans aged 65 and above will spend time in a nursing home. This is one out of two Americans, proving that the risk of needing long term care is definitely much greater than you realize.
Today 40% of people receiving long term care are between the ages of 18 and 64 – the working age adults. Automobile and sporting accidents, spinal cord injuries, brain tumors, disabling diseases such as Parkinson’s and Alzheimer’s can force anyone to seek long term care services. Buying Long Term Care Insurance when you are still young and healthy will give you the peace of mind and freedom to choose the kind care of care you want when you need it.
Long Term Care Health Insurance
Long Term Care Health Insurance policies cover expenses that are not covered by traditional health insurance, Medicare and Medicaid. Long Term Care Health Insurance enables you to receive chronic care needed to help perform daily activities if you had a disability or an ongoing illness for a long period or for the rest of your life. Long Term Care Health Insurance gives you financial freedom and protects you and your family from wiping out life savings and assets in the event you needed long term care.
Buying a long term care health insurance policy is taking one important step towards establishing financial security for you and your family. With increased life expectancy the need for long term care also increases. By 2030, when the last of baby boomers reach 65, 40% of them will celebrate their 90th Birthday.
70% of people living past their 65th Birthday will need some king of long term care services during their life time. It is legally possible (though unethical) for someone to take over your assets with a power of attorney. Just to save their inheritance, heirs to your estate may put you into a nursing home, pay the cost of long term care services for five years and then put you on Medicaid. Long Term Care Insurance allows you to live with dignity and financial freedom when you need it the most.