Long Term Care
Did you know that about 70 percent of people over age 65 currently do or will require some type of long-term care services during their lifetime?1 That's a very real and very scary percentage! Unfortunately, earlier on in our lives we rarely think about such a statistic, let alone the very real reality that long term care may become a necessity at some point in our lives (either for ourselves or others). However, by your 30's, it is suggested that a conversation about Long Term Care Insurance with parents and older family members should take place...should the need arise. As you get older...hitting your 40's or 50's...it is now the time to begin thinking about your own family's future and what possible long term care issues or needs may lay ahead in your own life.
So what is Long Term Care Insurance?
Long Term Care (LTC) is a term used to describe a variety of services for people who are unable to care for themselves. Specifically, when there is an inability to carry out the basic acitvities of daily living (ADL) (Bathing, Dressing, Eating, Continence, Toileting and Transferring), long term care is required. While long term care needs typically arise as a part of the normal aging process, they can also come about due to an injury or illness. Things such as multiple sclerosis, stroke, rheumatoid arthritis, or due to a cognitive impairment, such as Alzheimer’s disease, have all been known to contribute to the need for long term care. Long Term Care Insurance helps make it possible to provide for long term care needs.
Providing long term care can be time consuming, expensive and exhausting. Often, when preparations such as long term care insurance have not be made, funds prove to be very limited or even non-existent to help provide the long term care assistance needed. You can help protect your family and it's financial future by getting the information you need to see if long term care insurance should be a part of your plan.
1U.S. Department of Health and Human Services National Clearinghouse for Long Term Care information