Planning for Long Term Care is becoming an increasing concern for individuals today, whether it is due to witnessing our own loved ones struggle with the hardships faced when Long Term Care is needed, or knowing we don’t want to place that burden on our own families. When making a decision about whether Long Term Care insurance is right for you, it is important to know what exactly Long Term Care is and where you can receive the care needed. Long Term Care is the type of care you may need if you couldn’t perform the basic activities of your daily living. These activities include bathing, dressing, using the toilet, transferring from one location to another, continence and eating, or if you suffer a severe cognitive impairment from a condition such as Alzheimer’s disease. Based on the available plan options and the plan you choose, the care you receive could be provided in your home, in an assisted living or residential care facility, or in a skilled nursing facility like a nursing home.
When we think of Long Term Care, many of us think of care that we may only possibly need when we are much older. However, Long Term Care insurance is not just for the elderly as 40% of people currently receiving long term care are working-age adults 18 to 64 years old1 . In addition, about 70% of individuals over age 65 will require some type of long term care services during their lifetime2 and by 2020, 12 million people are projected to need long term care.3
Please review the plan information and resources provided to see the Long Term Care benefit plan and coverage level options available and to calculate your estimated cost for those options.
1, 2, 3 – US Department of Health and Human Services