Long term care insurance can be a complex and sensitive subject – one that
most people hope they will never have to take out. As the name suggests, it is the name given to the insurance that provides coverage for the care given to a person when they need permanent and continuous care.
Long term care has been described as the biggest challenge that an elderly
person could have - and an estimated 70% of people aged 65 or over will need
long term home care at some point in their lives.
This care is usually provided by a family member or close relative – often a
spouse, a daughter or daughter in law. Around 70% of long term care is provided
in the home and can include medical care and help with everyday activities. Long
term care insurance offers coverage and benefits for services not covered by
regular insurance or by Medicare.
Not surprisingly, long term care doesn’t come cheap and paying for it can be a
challenge – studies show that the average cost for the insurance increases by
around 12% every year – the average cost of a year spent in a nursing home is
around $41,000.
Long term care insurance makes sense if you are young and have the necessary
time to prepay for adequate coverage – although most of us don’t think about it
when we are young. There are several different methods of paying for the
insurance, or for older people who don’t have the funds; there may be other
options, such as using money from assets. Medicare may help cover the costs for
those who have no other options.
Apart from being an unavoidable fact of life for most older people, long term
care should not necessarily be seen as something negative. For many people, it
offers a way to maintain some of their independence as well as peace of mind,
and ensures their later years won’t put a strain on family relationships.
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