Do I Need Long Term
Care Insurance?
Will you or your loved ones ever need long-term care insurance? This may seem to be a question that is difficult to answer. In reality, there may really be no question at all. According to Medicare, by the year 2020, nearly 12 million elderly adults will need long-term care. Most of them, up to 70%, will be cared for by family or friends. However, the US Department of Health and Human Services states that adults over the age of 65 stand a 40% chance of entering a nursing home; and 10% of those will stay five years or longer.
While Medicare and other primary health insurance policies will pay for some of the care in a nursing home, what they pay for is slightly less than half of the costs involved. They do not cover non-medical expenses or other services that you may want or need.
It is safe to say that almost every one should have long-term care insurance. While there may be some that never file a claim, you are likely to make use of long-term care insurance at least as much as your auto, home and traditional health insurance. If you feel that your assets and available cash on hand are enough to cover years of daily health care costs, then you are one of the minority of Americans who doesn’t need to worry about carrying this insurance.
Isn't My Health Insurance Enough?
Our country has had an ongoing national debate about health care coverage, yet not nearly as much is heard about long-term care insurance. It is so important to learn the facts about what long-term care insurance is used for so that you can make an informed decision regarding your future needs.
Health insurance is designed to pay for medical care, both preventative and ongoing. It covers doctor's visits and prescriptions, hospital stays and specialists' fees. Health insurance will cover tests and surgeries, and sometimes medical equipment. It can pay for your dental health, eye care and routine health care of all sorts. Health insurance is critical when considering the possibility of an injury or ongoing illness or any chronic condition that keeps one in the hospital or sends him to a nursing home.
However, traditional health insurance will not pay for many of the services and needs you may have as you age or if you are injured or become chronically ill. Because so many people are cared for by families and loved ones when they get older, it is easy to neglect to think about the many costs that can be incurred when trying to ensure the highest quality of life possible.
What Can Long Term Care Insurance
Do For Me That My Health Insurance Can't?
Long term care health insurance can provide coverage for many of the services you are likely to need as you age. You may have lived your life so far with few health problems and think that you will never need long-term care. However, good health alone does not guarantee that you will never need long-term health care. As we get older, we simply are not always as capable of taking care of ourselves like we have been able to throughout our lives.
As health begins to decline, many people are fortunate enough to be able to live at home or with their families, but they need some extra care to help with their daily living needs. This is when long-term health insurance can really pay off. Medicare and many primary health care plans do not cover non-medical care needs, but long-term care insurance fills this gap and pays for help with these activities of daily living.
Whether caused by age, illness or injury, people over the age of 65 often need to deal with the loss of independently caring for themselves. While it may still be possible to live at home or with family members, they may need assistance with things like bathing, toileting, eating, or transferring from bed to a chair, or in and out of a wheelchair. Long term care insurance can pay for someone to have help with these daily tasks, even if they are living at home.
What About Adult Day Care Programs?
Long-term care insurance can also help pay for things like senior day programs that give elderly adults an opportunity to interact and socialize with their peers, while still being in an environment that provides them safety and care with their daily needs. This service can allow family members to continue to work outside the home and maintain their normal activities, while their elderly loved one is cared for and enjoying the benefits of a supportive program.
Adult day cares provide a range of services and activities so it is important to find one that meets your needs. Meals and snacks are served, along with exercise activities and mental stimulation. Some centers have help specifically tailored to Alzheimer's and dementia clients. Often the center will provide transportation, not just to and from the center, but also to appointments and for errands. Adult day care centers can offer help with monitoring things like blood pressures, food and liquid intake and weight. They also provide assistance with walking, toileting, and taking medications.
Long-term care insurance can cover many other options as well as adult day care settings that can enhance and enrich your in-home care lifestyle for you and your loved ones. The next time you hear someone ask “Do I need long-term care insurance?” you will know the answer is more than likely a resounding, “Yes!” Of course this does not mean that one should pay more for their long term care insurance than necessary - compare quotes from top companies online with our free long term care insurance finder today!
