Who will care for you when you can't care for yourself ?

 

Chances are the day will come when you won't be able to manage on your own. In fact, almost 70 percent of those over the age of 65 will require some form of long-term care during their lives.

Long-term care includes all the assistance you would need with daily living tasks if a chronic illness or disability leaves you unable to care for yourself for an extended period of time. It could be care in your own home or a specialized facility. 

 

Where care is provided ?

Professional care can be delivered in a variety of different settings, and many long-term insurance policies give you the option to receive care in the setting of your choosing

Home health care:  Services provided at home

Assisted living facility:  Residential care setting that provides housing and support services for people wanting or needing assistance with daily living tasks

Memory Loss Units: Often located as a separate wing of an assisted living facility, these units provide 24-hour support, and locked premises to assure that no one wanders off

Nursing home:   Full-time care in a dedicated facility 

Adult day care:  Community-based, day time supervision providing social, recreational, or health assistance off-site during office hours

 

when will a policy start to pay for care ?

Generally,  long-term care insurance policies begin to pay benefits when one of two different criteria is met you and you have met the elimination period.

You are unable to perform two of the six activities of daily living (ADLs) without assistance or supervision:

Continence:  Control of one's bladder and bowel movements

Dressing:  Clothe oneself

Toileting:  Use a toilet and perform associated personal hygiene

Eating:  Feed oneself

Bathing:  Bathe oneself

Transference:  Move oneself into or out of a bed or a chair

OR

You have severe cognitive impairment, such as Alzheimer's disease and other forms of dementia, which would make it impossible for you to live independently in a safe manner. 

 

When should you buy ?

It's true that most long-term care insurance claims are made when people reach their golden years, but there is a misconception that you should wait until you're approaching retirement to buy a policy. Waiting too long to purchase a policy can be very costly. Because rates are based on age and health, it's best to start shopping for a policy when you're young and healthy.

A good time to purchase is when you're in your 40s and 50s.  You can certainly, buy a policy when you're in your 60s or even older, but expect to pay considerably more.  Plus if you wait to long and develop a condition that that may require long-term care, you could become uninsurable.