DoctorMarion
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May 9, 2011, 2:54 PM
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My parents are getting older, and I’ve been hearing a lot about long term care insurance. I’m considering purchasing it for them, but I’m not too familiar with it. Is it worth it? What can you tell me about it? Sheila in Connecticut, 49
It is important to understand the benefits of long term care insurance and how it can be used to help protect your family and finances, as well as help to avoid placing the same caregiving burdens on the next generation. Most people envision themselves living a long life, investing and planning throughout their working years to create a financially secure feature where they can enjoy spending time doing the things they enjoy the most. As part of your financial planning process, it’s important to understand the potential impact that needing long-term care may have on your assets, your family, and your future.
First of all, long-term care can cost $50,000 to $100,000 a year. In 30 years, the annual cost of long-term care may be as much as $250,000. Also, Medicare and traditional health care insurance do not pay for long term care. Without a long term care insurance policy, you are essentially “self insuring” your risk of paying for care. While wealthy individuals may have the financial means to cover their costs for care, this is not a viable strategy for the majority of people. Whether people overestimate their ability to pay for care over an extended period, or convince themselves they’ll never need care, the risk of needing and paying for care remains.
If you’ve ever been in a caregiving situation, you understand the physical and emotional toll it can take. While providing care to loved ones is an act of compassion, placing these burdens on spouses, children, and other family members can create a significant emotional and physical strain, and is something many people would like to avoid.
Waiting to address your long-term care needs – until the point at which you actually need care – may significantly impact your financial situation, your quality of life, and your ability to maintain your independence. Incorporating long term care insurance into your financial plan can help protect your assets, reduce the burden of care that would otherwise fall on family members, and enable you to receive care in the setting you or your elder most prefer, including the home.
Long term care insurance picks up where traditional health insurance leaves off. This can cover the costs associated with injuries such as: auto and motorcycle accidents; accidents like skiing, horseback riding, or diving; extreme sports; fractures; and falls. It can also help cover the care associated with long term conditions, such as strokes, heart attacks, cancer, diabetes, arthritis, osteoporosis, Alzheimer’s, Parkinson’s, and Multiple Sclerosis.
So I suggest you be proactive, purchase a long-term care policy, prepare for the worse, and hope you never need it. But also be comforted by the peace of mind knowing that if you do require help, you’ll be taken care of in your time of need.
For more information about long-term care insurance:
http://www.drmarionu.com/dm_ltci/dm_ltci.htm
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During the past three decades, Marion Somers, Ph.D., (Doctor Marion) has provided care for more than 2,000 elderly clients while she owned and operated a thriving Geriatric Care Management practice. It is now her goal to help caregivers everywhere by providing valuable insights and information in her book, website, and radio PSAs. To purchase Doctor Marion's book and to find a wealth of elder care information, please visit DoctorMarion.com
Elder Care Made Easier is available in bookstores and online at: Amazon
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