The subject of long-term care insurance is never one that people want to talk about. For those on the verge of needing it, it’s like admitting they are aging, ill and will need it soon. For those who need it, and understand how it works, it is very welcomed. But is it those in between that may have misconceptions about what Long Term Care Insurance is – and how it can be used for an assisted living community. Here are six answers for seniors about long term care insurance and assisted living.
- Do I have to be sick to use it?
Long term care insurance benefits are not just an emergency measure for when seniors are critically ill. They can access the benefits when can no longer manage two of six activities of daily living: eating, bathing, dressing, toileting, transferring and maintaining continence. While a loved one may be perfectly healthy, a loss of dexterity could mean they have trouble with everyday tasks that will impact their ability to live independently and require moving to an assisted living community. - How does my lifestyle impact my need for it?
Believe it or not, healthy may mean you are more likely to need long term care. The healthiest people are often the ones that end up needing long term care assistance in an assisted living community later in life, whereas heart problems or cancer may take the unhealthy ones sooner. - Does my family's health history give any insight?
The longevity and health of your family members does often reflect in your own. What were the challenges that your grandparents, parents, aunts, uncles and siblings faced? Have any of them needed additional care later in life? Was there someone available to assist them? A benefit of long term care insurance is that it reduces the concerns that loved ones and seniors may have about their long term care. No one wants to place stress on family members, long term care insurance give peace of mind that they will be cared for without burdening their children or other family members. - How does it work if I don’t have long term care insurance?
Without proper planning, should a senior require long-term care, their assets are depleted and then they are at the mercy of the state or living with family members. It is more beneficial for seniors and their families to discuss the option of long term care insurance before it is needed. - But can I afford it?
Like most insurance policies or like buying a car, you can be flexible. A senior can purchase a plan with the basic care covered or one with many more features in the long run. There is a long term care insurance option for every budget and need. - But will I really need it?
According to long term care statistics "the lifetime probability of becoming disabled in at least two activities of daily living or of being cognitively impaired is 68% for people age 65 and older." Long term care insurance is like a life preserver on a boat. You may not need it, but if you do, you’ll be glad you had it.
Whether you choose to invest in long term care insurance for assisted living or not, having a plan in place will help everyone know what to do if you need care. Do you have questions about what it would cover in an assisted living community? Contact Senior Solutions – we can answer your questions and suggest options for consideration.
Do you have a long term care plan in place?
