Long Term Care Insurance for the DisabledA recent report compiled by joint efforts of the AARP and the federal government reveal alarming statistics regarding long term care insurance for the disabled. Perhaps the first figure to stand out is the fact nearly 55 million Americans have some level of disability and of those, nearly one-third will require long term insurance due to their disabilities. And if you think disability is reserved only for the elderly, think again. 22% of those who are considered legally disabled are under the age of 65. That's over 12 million of us who are considered working-age but who are either currently facing long term disability or will require it at some point in our adult lives. The need for long term care insurance for the disabled has long since been on the backburner in terms of federal funding. However, this new numbers reflect the ever-growing need for a neglected societal issue. It's important to note the vast majority of those who are considered long-term disabled reside in their homes and don't reflect those who call nursing facilities their homes. Further, those family members who bear the brunt of the financial obligations of those who are disabled continues to rise, both in the numbers as well as the money that's applied toward their loved ones' needs. Consider $375 billion dollars that was contributed in 2007 by family members who provide for their disabled loved ones versus the $97 billion spent by Medicaid, which is the largest payer of formal long term care (outside care provided by private sources), and the reality begins to emerge of the importance of long term insurance. In virtually every state, this gap is constant.
So What is Considered Long Term Care Disability?Long term care disability is defined as any chronic disease or serious accident that inhibits the ability to work or severely inhibits one's quality of life. Since we never know when these accidents or illnesses strike, the importance of long term care insurance for the disabled is critical. With the vast majority of earmarked Medicare funds going to nursing home facilities or other assisted living facilities and due to the guidelines that many simply don't qualify for, it's up to each of us to ensure our families are protected. Disabilities strike all racial or ethnic groups and isn't partial to any age group, either. With gloomy news that emerges on a daily basis regarding our current economic times, it's clear the ball is, and will remain, in our collective court. |
Get Free Long Term Care Insurance Quotes!
