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Long Term Care 

What is Long Term Care

Long term care is the assistance provided when a person is unable to provide for himself or herself as the result of disability or a prolonged illness.  It ranges from providing personal care at home, such as bathing and dressing, to skilled nursing services in a nursing home.  Long term care is offered through home care agencies, senior centers, adult day care centers, traditional nursing homes, and retirement communities that provide ongoing care.

Who Needs Long Term Care Insurance

A long term care insurance policy is not for everyone , but does make sense as an affordable and worthwhile form of insurance for some.  It depends on your age, health status, overall retirement objectives, income and wealth, and should not cause financial hardship or force you to forego other financial needs.   Whether long-term care insurance is appropriate really requires a full financial analysis.  These policies are for people who want to preserve assets for family members, to assure independence and not burden families members with nursing home bills.  Never buy a policy if:

Although the need for long-term care can arise gradually as a person ages and needs more and more assistance with activities of daily living, for most a stroke or a heart attack will be the precipitating need. Those with acute illnesses may need nursing-home care for a matter of months, while others may need care for years.

Recent studies based on nursing home admissions indicate that 40% of all persons age 65 and over will enter a nursing home in the future.

The management of risk is a crucial part of financial planning. The potential need for long-term care is a genuine risk. The prudent estate owner will examine long-term care insurance to see if it has a proper place in his or her overall financial plan. Once the disabling condition appears, it is obviously too late to act.

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Last modified: 05/11/10