Why Long-Term Care can be stress free for families
Most people will need some type of long term care or know someone who will need it in their life. The impact that health and age have on a person really increases the older you get. At some point you will have to make a decision for yourself or for a family member. The list of reasons as to why a person may need Long term care services can be from a chronic illness, aging, or an accident that has caused them to need some type of help with their daily functions and activities.
The Demand of Long Term Care
Here is a great excerpt from, “Long Term Care: Definition, Demand, Cost, and Financing” by Nelda McCall
“Estimating demand for long term care needs is complicated because it involves consideration of the prevalence of medical diagnoses and of limitations in functional abilities. Individuals need long term care when trauma or a chronic condition limits their ability to perform independently those personal activities necessary to daily living. One common way of measuring the level of disability is by assessing an individual’s ability to perform specifically defined ADLs and instrumental activities of daily living (IADLs). ADL measures include such tasks as eating, dressing,[…]
Long term care or “Self-insure” ?
Should you purchase Long-Term care insurance or invest to “self-insure?” Statistics show that at some point you are more than likely going to need some type of long term care. Eventually you will need coverage that regular health insurance does not cover.
Being “Self-insured” requires a person to fund the expenses of long term care by using financial resources or personal assests. Basically you are saving for costs of medication and caregiver service fees that you can pay later on when needed. Paying out of pocket requires quite a large sum of money. One of the risks in self insuring[…]
Planning ahead for Long-Term Care
According to the Department of Human Services and Health 40% of individuals over the age of 65 will need some type of in-home care for at least a year. Around one third of the population will go to a nursing home and about half of those that do go only 30% will stay for up to three years.
The cost for this care is rather expensive and if you don’t have a plan it can be catastrophic. So what are some options to make sure that you are protected from dreadful costs? Below are 4 options according to Thomas A.[…]
Long-Term-Care Insurance Isn’t Dead, but Why People are Looking More Into Hybrid-Policies
Long-term-care insurance isn’t dead, according to a 2018 Wall Street Journal article, instead it is being used as an estate-planning-tool. Today Americans are more interested in hybrid policies and these policies are reshaping the U.S. insurance industry.
When LTC insurance first came about in the 90’s, middle class Americans were insurer’s target market. Pitching policies that would hopefully save the average American from exhausting their life savings or depending on Medicaid or their children. Considering LTC insurance is important, once you hit your 50’s, but especially the costs. Waiting to buy insurance isn’t an option once you already have a debilitating[…]
Long Term Care – Why You Need It.
Do you have an extra $80,000/year to spend post retirement? Statistics show that this is the average cost of long term care. Most people are unable to afford such a hefty price, but even more so, are unaware of how expensive it can be. Whether it’s you or your loved ones who are unsure of whether you should enroll in a long term care policy, you should be aware of the money you would be spending without it.
Most people will need long term care once they reach the age of 65. The prices are rising and many people are unable[…]
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