501 Wampanoag Trail
The need for long term care may happen to anyone… at any time. It could be you, your spouse or partner, a parent, or even a sibling. The need for long term care may result from being chronically ill, from a severe cognitive impairment or something as unexpected as an accident or injury.
Many important questions arise: Who will take care of me? Will I be able to stay at home? How will I pay for care? The choices you make today could impact your future lifestyle, and the quality of life you experience. Now, while you’re healthy, is the time to think about and plan for those unexpected things that can happen in life.
Long term care includes a variety of services and supports to help meet personal care needs over an extended period of time. The services include help performing Activities of Daily Living (ADLs), such as: bathing, continence, using the toilet, transferring to/from a bed or chair, dressing and eating. Long term care services are generally not covered under personal health insurance or Medicare because they are not intended to cure, improve or treat a specific medical condition. Medicaid may help individuals with income and assets below state requirements.1
Whether long term care services occur in a nursing home, assisted living facility or your own home, the costs can be a huge expense. The average stay in a nursing home is 835 days (2.3 years) and $183,700.2 The national median hourly rate for a home health aide is $20 and that can add up quickly.3
The need for long term care can result from illness, impairment, or even something as unexpected as an accident or injury, so it’s critical to take action to help protect your future. If you were to require long term care, you would want to be able to cover your expenses and choose how and where you get assistance. Long term care (LTC) insurance can not only help you protect your assets — it can allow you to maximize your independence.
Costs for long term care are generally increasing as are lifespans, so your need to plan ahead for care has never been more important. LTC insurance helps you protect your assets from being used by providing a pool of benefits you can use to help reimburse your expenses for care. That way, should the need for care arise, you can secure your savings and your family’s future.
LTC insurance reimburses you for services that can help improve the quality of life for those who are chronically ill and are unable to engage in everyday activities such as eating, dressing, bathing, and getting in and out of bed without assistance or who have a cognitive impairment. A comprehensive LTC insurance policy may provide coverage for long-term care needs in the home, community-based settings, an assisted living facility, or nursing home. By providing more choices and more control over care options, LTC insurance can help you face the future with confidence.