Long
Term Care includes a wide range of medical and support
services for people with a degenerative condition such
as Parkinson's, stroke, etc., or those with a prolonged
illness(cancer) or cognitive disorder such as Alzheimer's.
Long Term Care is not necessarily medical 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 perform on a daily basis: You climb
out of bed...walk to the bathroom...use the toilet...use
the bath or
shower...get dressed—eat breakfast.
While
we are healthy it is easy to take these Activities
of Daily Living (ADL 's) for granted.
However, when you or a loved one is stricken with a
degenerative condition, performing these ADL's becomes
impossible without the assistance of another person.
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.
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Why Is There A Need For
Long Term Care?
Basically people
are living longer. Due to modem advances in medicine and
life-style changes, the number of people over the age
of 65 is projected to double by the year 2050. In fact,
people age 80-plus are the largest growing segment of
that senior population. As more Americans take care of
themselves through 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 workforce,
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. |
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What Is The Cost Of Long
Term Care?"
A
year in a nursing home now averages more than $40,000
and can exceed $100,000 annually in some parts of the
country." - The Wall Street Journal. Obviously
Long Term Care services are very expensive, especially
in Connecticut. Quality nursing homes are always filled
to capacity and they are consequently able to command
a hefty fee for services. Home care is also expensive
in Connecticut. Bringing a home health aide into your
home every other day for a 4 hour visit can easily cost
$1800 per month. When the home care approaches 8 hour
visits every day, the costs rise to $7200 per month.
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Who Pays For Long Term Care
Expenses?
There are only 3
ways to pay for the cost of Long Term Care services: 1)
Cash, 2) Welfare, 3) private Long Term Care Insurance
Long
Term Care insurance allows
the insured to pay an affordable premium to
protect an unaffordable catastrophic event. |
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Should You Consider Long
Term Care Insurance?
Many financial 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. If Long Term Care insurance
is affordable for you, you should definitely consider
transferring that risk to the insurance company. Ultimately,
the peace of mind knowing that you don't have to burden
your loved ones if you should need Long Term Care is another
important factor in this process.
The best way to answer this question is to speak to a
Certified Long Term Care insurance professional who can
properly educate you and assist you in purchasing a plan
that is right for you. |
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For
more FREE information, without obligation,
call us at 1-800-258-7736
or
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Your Local Connecticut Insurance Specialists
InsuranceCT.com
565 Washington Avenue
North Haven, Connecticut 06473
1-800-258-7736
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