The American Association for Long-Term Care insurance (LTC insurance) just released information on 2016 claims on LTC insurance. More than half of all claims were for care at home, and 56% of claims ended at home.
This means that more than half of all LTC received and paid for by LTC insurance were for care in our homes. “People want to be in their home with family and loved ones, and having some long-term-care insurance in place can help pay for the cost of home care services,” said Jesse Slome, the group’s director.
For most people the burden on family is simply too great to make receiving care at home provided by family work. Children and grandchildren need income to maintain their homes and support their families. Caregiving can be a 24 hour job, and even when it is part time, it is constant part time when care is required. That said, a large amount of care provided for loved ones is born by families, and at a great emotional, physical and financial burden.
LTC insurance can provide for regular help coming into the home so that family can fill in the needed times and enjoy their loved ones, not feel burdened by the work required. Paid caregivers show up on schedule, and substitutes are provided by the agency for sick leave and vacations. Your loved ones will still need you and your assistance, but not full time.
On another note, HealthDay just reported that the risk of death among people over age 60 nearly tripled during the first year following a hip fracture. However, hip fractures were also still linked to a nearly twofold increased risk of dying eight years or more after the injury. Falls are a dangerous thing for people over the age of 60. Being home alone while caregivers are at work increases the risk of falls.
Many people want to age in place, in their homes, where they feel comfortable. The home may not always be the best place but the need for care occurs whether we are at home or in a LTC facility. In either situation the costs are usually higher than most people anticipate. Savings can be decimated and then try to find help that will care for you at the woefully low Medicaid reimbursement rates.
If you are near 50, and in relatively good health, why not consider LTC insurance now – while it may still be available to you? By age 60 nearly a third of us can no longer purchase this coverage. Once purchased, the benefits start increasing automatically every year to keep up with the increasing costs of care. The longer you wait to purchase, the more of it you will need – the more it will cost – and the chances of qualifying for it go down. Call www.TheLongTermCareGuy.com at (920) 884-3030 to investigate with an expert in this area. You may be pleasantly surprised that when chosen appropriately with proper guidance, it can be affordable for most people.