Who Should Consider Long-Term Care?
Mar 06, 2018
I am sure that you have heard of Long-Term Care. However, a lot of people don't understand what that entails. Also, they think that Long-Term Care is just for aging parents. But that is not the case. I am going to review with you what is Long-Term Care, who is it for and how you can set it up.
What is Long-Term Care?
Long-Term Care is paid care when you need it the most. When you are unable to perform one of the 6 basic daily activities that are necessary to live and have a quality of life, you will need LTC.
What Are The Six Daily Activities?
Things like eating, bathing, dressing, toileting, walking, and continence. The main goal of LTC is so you can keep your lifestyle as much as possible.
Who is LTC for?
A lot of people assume that Long-Term Care is just for advanced aged individuals. That is not 100% accurate. There will be need of LTC as a result of an accident, a stroke, a chronic condition, strokes, and aging. In other words, today you are super healthy, you are strong, but you'll never know what could happen to you.
Accidents happen all the time. Very healthy people have gotten chronic illnesses like cancer, Alzheimer, Parkinson or MS. It doesn't matter the age or current financial status.
How Do You Pay For LTC?
The best way to pay for LTC is before you even need it. Term Insurance with LTC benefits is probably one of the best ways to do this because it also provides a death benefit that will help your family pay while you are alive and also in case of death.
Other ways and not the best ways or even unnecessary when there are better options are by self-funding or using your own money to pay for it if you have the money. Another way will be from your family members and friends. Do you really want to put this burden on your family and friends?
If you think that Health Insurance covers LTC, think again. The same thing with government programs, most of them don't provide LTC and the ones that do, doesn't cover everything.
Let's check some facts:
- 70% of individuals over 65 years of age, will need LTC.
- 62% use their own funds because they never considered they had other options.
- 100% of the population will be affected directly or indirectly by LTC needs.
- The average LTC cost in CA is $7,235.00 depending if it is Homecare or Private Care in a Nursing Home.
How Can I Get Long-Term Care Benefits?
One of the best ways to get LTC is by talking to an Insurance Agent that offer a variety of products that includes Long-Term Care. This way you can see which product fits your lifestyle. There are also, different payment options, as low as $25 to protect yourself and your loved ones.
There is a catch though. You have to qualify for these types of insurance. If you want more information about how you can qualify, just sign up for a free consultation.
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