Will You Need Long Term Care?
- June 22, 2015
- Comments Off on Will You Need Long Term Care?
It’s hard to believe, but the estimated risk for needing Long Term Care continues to climb with each passing year. Now, the Federal government estimates that each individual has a 70% chance of needing Long Term Care in their lifetime. Recent studies reveal that if you are 60 years old you have more than a 60% chance of needing long term care. If you are over 65 years old, your chances of needing care goes up to 70%.
Who Is More At Risk for Needing Long Term Care?
Your age, marital status, gender, lifestyle and, to some extent, your family health history all play a part in the possibility of needing long term care.
According to insurance actuarials, you are more at risk if you:
- are older
- are a woman
- are single
- have a poor diet
- don’t exercise regularly
- have a family history of Alzheimer’s, stroke, arthritis, or other degenerative diseases.
- Also, physical activities that can cause severe accidents should be included as a definite risk.
The Long Term Care Cycle
It isn’t a surprise that most Long Term Care starts at home with the help of family or friends until the caregiving burden becomes a too much of a hardship. The next step might be to hire a paid caregiver to help with care duties in the home. As care needs increase the next care setting of preference is Assisted Living Facilities. Most people do everything in their power to stay out of nursing homes, which is one reason why the average nursing home stay is only 2.5 years. While most Americans suspect that they might need long term care “sometime” in the future, many underestimate care costs and falsely assume that Medicare or their health insurance will pay for extended care. They will not. Medicare will only pay for a short time and only under specific, limited circumstances.
The Value of Long Term Care Insurance is that it:
- supports independence by providing the ability to pay for Home Care and Assisted Living costs. It give people choices.
- protects loved ones from the burdens of caregiving.
Either having LTC insurance or paying for care costs out-of-pocket allows you to choose where to receive care, even when caregiving needs increase. However, Long Term Care insurance is less expensive in the long-run.
When Should I Buy Long Term Care Insurance?
LTC insurance premiums go up in price as you get older, although once youbuy a policy your premiums do not rise due to aging or health. For years, financial planners were telling their clients to wait until age 65, but this is no longer considered sound advice. If you can afford the premium for years to come, buy now to protect yourself and your family.