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What Is Long Term Care (LTC)?
Long Term Care Health Insurance has been around in one form or another since the early days of medicare. The policies during this time bear little resemblance to today’s policies. While early Long Term Care policies were similar to a basic Medicare supplement policy, today Long Term Care insurance has evolved and typically covers a broad range of services including nursing home care, assisted living facilities and adult day care.
Like any insurance product, Long Term Care insurance allows the insured to pay an affordable premium to protect an unaffordable catastrophic event.
Long Term Care includes a wide range of medical and support services
for people with a degenerative condition (e.g. Parkinson’s,
stroke, etc.), a prolonged illness (cancer) or cognitive disorder
(Alzheimer’s).
Long Term Care is not necessarily medical care but rather "custodial
care." Custodial care involves providing an individual assistance
with activities of daily living or supervision of someone who is cognitively
impaired.
To better understand Long Term Care, think of the activities that
you performed when you woke up this morning. You probably:
• Climbed out of bed
• Walked to the bathroom
• Used the toilet
• Used the bath or shower
• Got dressed
• Ate breakfast
While we are healthy it is easy for us to take for granted the above
Activities of Daily Living (ADL's). However, when you or a loved one
is stricken with a degenerative condition such as a stroke or Alzheimer’s,
performing these ADL’s becomes impossible without the assistance
of another person.
This type of care is Long Term Care. It is the same type of care that
a parent must provide for their new baby. This type of care is chronic
(full-time) and thus becomes very expensive. Long Term Care can be
provided in many settings including nursing homes, your own home,
assisted living facilities and adult day care.
Why A Need For Long Term Care?
Basically people are living longer. Due to advances in modern medicine
and life-style changes, the number of people over the age of 65 is
projected to double by the year 2050. Each year the U.S. elderly population
continues to grow. In fact, the 80-plus segment represents the fastest
growing segment of the population (they virtually never existed before).
As Americans take care of themselves through a healthy diet and exercise,
they are increasing their projected longevity. Unfortunately, as people
age, they are more likely to suffer from chronic illnesses such as
strokes or Alzheimer’s. Statistically, Americans over the age
of 65 face a 40% risk of entering a nursing home for Long Term Care
services.
Another reason for the recent public focus on Long Term Care is the
changes impacting families. Years ago, most elderly depended upon
their family to care for them as they aged. Family members lived close
by or even under the same roof.
Today, many women are in the work force, children have moved away
and divorce rates are approaching 50%. All of these factors contribute
to the inability of families to meet the needs of their aging parents.
Thus the elderly must rely on professional assistance, which comes
at a cost.
Many planners refer to Long Term Care insurance as "asset protection."
Individuals need to have assets worth protecting in order to justify
the purchase of a policy. (Medicaid eventually pays for Long Term
Care services once an individual becomes impoverished).
In other words, if you are able to pay Long Term Care insurance premiums
without having to change your lifestyle – you should transfer
that risk to the insurance company.
Health is another important consideration. The state of one’s
health is a determining factor in one's ability to secure Long Term
Care protection. This sometimes poses a problem as people don't often
consider Long Term Care insurance until an unfortunate event has affected
their health or the health of a loved one.
Long term care may be required by anyone, not just seniors. Care is
usually required as a result of the effects of aging, either because
a person has become physically unable to carry out everyday activities
or because they experience cognitive impairment, such as Alzheimer's
disease. Other times, long-term care may be needed because of chronic
disease or while recuperating from an accident or serious illness.
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