Long Term Care Insurance

What is longterm care? It is assistance with (ADLs) Activities of Daily Living - bathing, continence, dressing, eating, toileting and transferring (getting up from a bed or chair). Longterm care also includes assistance services provided to a person who has a severe cognitive impairment (such as Alzheimer’s or dementia). An illness or disease, accident, or severe cognitive impairment could make it difficult or even impossible for your clients to carry out normal activities of daily living without help. But longterm care is not just about the elderly or nursing homes. It includes many different types of care services that can be provided at home, an adult day care, assisted living facility or a nursing home. There is no guarantee that you’ll live your entire life without the need for help from others. Have a plan for where you”ll live, who your caregivers will be and where the money will come from to provide for the costs of care.

Odds of Needing Long Term Care?

We are living longer lives vs. previous generations. As life expectancies grow so does the need for longterm care. Estimates state that SEVEN IN 10 AMERICANS older than 65 will require long term care for an average of three years.1 And there are currently more than 65 million people in the U.S. providing over 20 hours per week of care for a chronically ill, disabled or aged family member or friend.2 The odds are that at some point in their lives your clients will either be caregivers for a family member or be the ones requiring care. There is a chance that they could be both!

Your parents plan for long term care will impact your future. Will you have them live with you? Will you live with your parents? How will your siblings contribute?

And this type of care can be expensive… Where will the money come from? To insure or not to insure… THAT is the question!

1 Oliva, Jason. Majority of Americans Ill-Prepared for Long-Term Care Needs. Reverse Mortgage Daily. August 15, 2013.
2 Caregiving in the United States; National Alliance for Caregiving in collaboration with AARP; November 2009. Updated: November 2012

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