What Are The Benefits Of Long Term Care Insurance?
There are many benefits of having long term care insurance. As health care and technology improves, people are living longer and longer. According to the CDC website, life expectancies for most adults in America are hovering close to 80! However, sometimes the quality of life is not high as we might like. Individuals often become unable to take care of their basic needs, including walking, dressing, using the restroom, and bathing themselves. These people will need long-term care, which can be extremely expensive.
Obviously, a lot of seniors turn to family members for this kind of care. In a lot of situations, this is an ideal arrangement. However, for people that do not have children or do not have a close relationship with them, this kind of care will not work. Some relatives find they just cannot provide the kind of care that is needed.
Did you know that one year in a nursing home averages between fifty and seventy thousand dollars? With these costs, an entire life savings can be used up in no time. And since one in four people can expect to spend at least one year in a nursing home, it is smart to be prepared. If you are over sixty-five, you can expect a sixty percent chance that you will require at least one year of long-term care.
In addition, there are situations where younger people need long-term care. Often these changes in health occur suddenly. Once they take place, long-term care insurance is not usually available.
Since long-term care is expensive and more and more people can expect to one day require it, it is important to have a plan in place. It is true that saving for retirement is one solution. However, it may be nearly impossible to plan and save for the costs of long-term, intensive health care. Another more viable option is long-term care insurance.
You may wonder what long-term care is. The definition is not necessarily based on the amount of time spent needing care. Actually, it means that the person requires help with basic tasks, such as dressing, bathing, and using the restroom. The person does not have to be “sick” in the traditional sense, just unable to care for themselves.
Long-term care insurance is a great buy because you are ensuring that you will be taken care of, without burdening your family. Since Medicare and Medicaid do not pay for much if any of long-term care expenses, the insurance company will pick up a lot of the out of pocket costs.
Often, the premiums paid on the insurance are deductible for both the employer and the employee. The amount deductible varies with age and other circumstances. In addition, when the benefits are paid out, they are usually not included in taxable income.
You have seen that long-term care is expensive, and you have seen that many people need it. Now is the time for you to decide if long-term care insurance will be a smart choice for you. For most people, just knowing that they will be taken care of without placing financial strain on themselves and their families, makes the premiums worthwhile!
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