Long-term Care Insurance covers assistance with daily living for those who are aging or unable to take care of themselves. It is common for Long-term Care to include assistance with daily tasks like; dressing, bathing, eating, using the bathroom, breathing, errands, recreation, and a host of other things that may help a friend or loved one to live with the comforts of home and dignity. LTC can be provided at home, in a retirement community, assisted living facility, or other accommodations.
It’s a fact, our retired population is living longer and their healthcare and future living arrangements continue to be impacted. According to a study done in 2013 by John Hancock, the average cost… (keep the remainder of the paragraph to) …$94,000 a year ($7,833/mo.). One of the options available to help solve this growing problem is Long-Term Care insurance. Long-Term Care insurance allows you to plan today for these inevitable expanses for you or a loved one who may depend on you for assistance in the future.
There is another group touting self-insurance. This group cites things like being able to pay later… (keep the remainder of the paragraph) … most would spend less than $100,000 for this care. This camp would tell you to invest the money you would pay in premiums and then to pay the future expense yourself.
Long-Term Care Solutions and Ideas
Watch this video to get additional information about the types of things you need to be aware of when considering Long-Term Care Insurance Solutions.
Customizing you Long-Term Care Plan!
There are many ways to customize your Long-Term Care Plan as there types of care, whether you pre-purchase LTC Insurance or you decide to self-insure. So, find an expert and develop an option that works for you.
While on a cruise many years ago, I met a 92-year-old woman who was living her own customized Long-Term Care Plan. She had a specific amount of fixed income she was living on every month and her children did not have the time or the resources to move her into their home, nor did they have the resources to pay the $2,000 to $3,000 a month needed (above her income) to move her into an assisted living or retirement community.
She was worried about how to make things work so she decided to go on a cruise to relax and develop a plan. Her customized plan emerged while on the ship. She looked into the cost of consecutive cruises for returning cruise customers. After 14 years and too many cruises to count, she volunteered she had seen the world many times over, and the food, medical care, and social interaction were fantastic. She was doing it her way and fortunately, it was working out for her and her children.
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