Many people still think of Long-Term Care insurance as only for nursing homes. For many years, these products have been paying for in-home care, adult day care, and assisted living facilities as well, and we now have figures to back that up.
The people who purchase LTC insurance must be healthy to do so, and thus there is a long tail on this product. Claims may not come in until 15-20-30 years or more after its purchase. Thus it can take quite a while for purchasers to use their coverage.
Reports are now starting to come in that people are paying for care at home with LTC insurance. In fact, up to 10% of home care is being covered by LTC insurance that was purchased some time back.
Most people want to stay at home if at all possible. However, they do not wish to be a burden on their family to provide that care. More home care agencies are opening up every year, it’s actually getting to be quite a competitive market. Having the cash flow to pay for this care is what LTC insurance policies provide.
Family gets worn out trying to provide all the care a loved one may need. A recent report claims that compared to people who do not provide support, caregivers who did were 79% more likely to experience emotional difficulties and more than twice as likely to experience physical problems as well as financial difficulties.
Dementias like Alzheimer’s Disease are the hardest situation for family caregivers. You may have promised to provide the care, but at some point it may simply become impossible. You may remember your promise, but your loved one probably does not. Dementias can entail a host of caregiving concerns, not the least is that the one cared for may not want to get into the water to bathe, resulting in a struggle every time.
Now we hear on the news that people over age 75 who use heartburn medications have a much higher incidence of dementia.
What does all this mean to you? If you are healthy yet, do not delay – investigate LTC insurance for yourself so you do not end up putting family in such situations. I got mine at 52 and I am thankful I did. Even though I am very active with work and travel, I could never qualify to purchase the coverage I have today at 66.
If you are in Wisconsin, give us a call at TheLongTermCareGuy.com and lets schedule a time to investigate. Dial (800) 219-9203 or of in Green Bay dial 884-3030. We will be glad to sit down and offer idea so you can decide what to do.