Long Term Care
What is LTC?
Long-term care is something you need if you can no longer perform everyday tasks by yourself. For example, there may come a time when you need help getting dressed, eating, transferring, incontinence or bathing. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer’s disease. You can receive this care in a variety of settings, including your home, an assisted living facility, community based care or a nursing home.
The need for long-term care usually arises from age or chronic illness, injury or disability. In fact, approximately 60% of us who reach age 65 will need long-term care at some time in our lives1 and it is not just a retiree’s issue.
It Can Happen at Any Age
Many people do not realize the need for long-term care can strike at any time. Statistics show that 40% of people receiving long-term care services are working age adults, between the ages of 18 and 641. Would you be prepared for long term care, if you suddenly required it? Where is the money going to come from?
You should NOT buy long-term care if: You can’t afford the premiums, you have minimal assets and may qualify for Medicare, the Federal/State health care program for those who meet their State’s poverty guidelines, your only source of income is a Social Security benefit or Supplemental Security Income (SSI).
You should CONSIDER buying long-term care insurance if: You have assets and income you want to protect, you want to avoid being financially dependent on others, you want to maintain choice on how and where to receive care.
For pennies on the dollar, would you want to pass the cost to someone else?
1. ”Where does the Population Live and Who Cares for Them? LTC: Diverse, Growing Populations Including Millions of Americans of All Ages,”U.S. General Accounting Office 1/01.
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