A few days ago I got a call from an elderly client who had purchased long-term care (LTC) insurance many years ago. The client wanted to know what type of care it would pay for if they needed help.
I inquired about health and ability to do everyday things around the house and received a response that falling has become a problem but did not think any help was needed yet. I asked if perhaps a conversation with children might be appropriate to see if a claim might be needed but was told that no, care was not needed quite yet.
Today this client was at the doctor’s office and gave my card to the doctor and asked him to call me. He gave the doctor permission to speak to me about the client’s health. The doctor’s opinion was that this client needs assistance with eating, bathing and dressing, more than enough to constitute a claim.
I called the insurance company and asked them to send claim forms to the client to start the process so that care in the home can be arranged and paid for.
My point in writing this is don’t be too proud to ask for help when it is needed. No person is an island. Let children, or trusted neighbor, or pastor at church, or your doctor, or someone know when you need help. It’s good to be proud, strong and independent until you can’t anymore. Then it’s time to ask for help.
Another client of mine with a LTC insurance policy called me some time back. She had been in a care facility for two years and just came across my card in her purse. She called to thank me for the LTC insurance policy she owns and is paying for her care.
I went to visit her in the facility and she described how her care started. She had gotten into the bath tub in her apartment and due to arthritis and cognitive concerns could not figure out how to get out of the tub. Several days later with newspapers piling up outside her door the neighbors called police who broke in and found her.
She is now much happier and safe in an assisted living facility. I am so glad she is getting the care she needs and with the LTC insurance, can afford to pay for it.
We all get old. Health does not usually improve with age. If you are still healthy enough to consider LTC insurance, the time to investigate it is NOW. Don’t wait until you can no longer qualify to purchase it.
Here is another reason not to wait – this insurance has a built in inflation factor making benefits increase to keep up with rising costs by 5% compound every year. The sooner you obtain this coverage, the sooner inflation starts working for you versus against you.
You would not save up to pay cash for your first house, as houses increase in value faster than you can save. Likewise starting LTC insurance now will give you coverage that keeps up with the rising costs of that care.
Investigate with an expert. www.TheLongTermCareGuy.com can help you choose coverage appropriately, which usually lowers the cost from what you might expect to pay. Call (920) 884-3030 to schedule a time for yourself. We will walk you though it.