The 411 on Long Term Care Insurance
Long Term Care Insurance (LTC) protects a policyholder from the various costs that are associated with coping with various chronic conditions, particularly for those who can no longer take care of themselves due to disability or age. For the most part, a person is considered to be eligible for long-term care if they are unable to execute at least two, day-to-day, typical living tasks, such as handling basic hygiene, undertaking certain necessary bodily functions, and making one’s meals, etc.
Who Can Benefit?
Those of all ages and walks of life can obtain good insurance for long-term care; however, this kind of a policy is usually put to use by older folks beyond the age of retirement. Acquiring this protection as part of a workplace benefits package can help workers plan for the future costs of their retirement and can enable them to better secure their financial well-being should they ever require the kind of extended care this coverage affords. Contracts do vary but, with typical LTC insurance, compensation is made available for a myriad of expenses that are not covered by other plans.
The Importance of Long Term Insurance
Putting the burden, both financial and otherwise, upon the backs of family and friends for one’s personal care if stricken with a debilitating illness or incapacitation due to old age, is something most would wish to avoid at all costs. Luckily, it can be done at a cost that is surprisingly reasonable. Good long term insurance can help you in avoiding that and the dependence upon the government as the least attractive of all potential “last resorts…”
Many simply have no idea as to how costly this kind of intensive and extended care can be. Taking up residence in a nursing home can mean out-of-pocket expenses of up to $100,000 on an annual basis! Employing a home aide to give care there may save some but is still no small sum, to the tune of thousands of dollars each and every year. This all can add up swiftly and overwhelm a person and his family. This can translate to a quality of life in the sunset years that is, frankly, awful. And it also means that one will have nothing to pass on as a legacy- This is why LTC can be such a critical choice for many.