Long-Term Care Insurance:
It’s a fact: People today are living longer. That’s the good news. However, the odds of requiring some sort of long-term care increase as you get older. As the costs of home care, nursing homes, and assisted living facilities escalate, you may wonder how you will ever be able to afford long-term care. One solution that is growing in popularity is long-term care insurance. State partnership programs have helped offset the cost of long-term care insurance, helping it become a more affordable benefit to many families who may not have previously been able to afford it. We at Ivy Financial Group recognize how important the partnership program is and have been certified in NY to help you understand the benefits and what the program has to offer.
What is long-term care?
Long-term care generally refers to a broad range of medical and personal services aimed at assisting individuals who have lost their ability to function independently. The need for this ongoing care comes about when you have a chronic disability or when physical or mental impairments prevent you from performing certain basic and essential activities, such as eating, bathing, dressing, getting in and out of bed by yourself or going to the bathroom.
Who needs long-term care?
While most prefer not to think about it, the need for long-term care can happen at any time and at any age. Statistics show that nearly 60% of Americans will need some form of long-term care at some point in their lives.
Where can you receive long-term care?
Long-term care can be provided in a number of places. However, sometimes long-term care insurance policies limit the facilities where you can choose to receive long-term care. For the most part, long-term care is provided in the following environments:
• Nursing Homes – While some homes for the aged primarily provide custodial care, many nursing homes can provide all three levels of care. In those cases, when a patient no longer needs skilled care, he or she can be transferred to an intermediate or custodial section of the same facility. Nursing homes provide 24/7 service and can offer a great range of care, including intravenous therapy and physical rehabilitation.
• Home Health Care – This applies especially in those situations when you’re recovering from an injury or illness and don’t need 24-hour care. It also makes sense when the type of care you require is custodial. Home Health Care is most often provided by a visiting nurse, a therapist, or home health aide. Usually, several visits to your home are made each week to provide you with the appropriate care. This wide-ranging care can include respiratory therapy, cleaning and bandaging of wounds, monitoring general health, and assistance with bathing and dressing.
• Adult Day Care – These specialized centers provide care in a group setting for aged or disabled people who live at home. A person may need help with the basic activities of daily living or have a slight mental impairment. Often, these people live with a relative who works and cannot take care of them during the day. The Adult Day Care Centers usually provide an elderly person with social interaction, therapeutic activities, preventive health services, and nutritional meals.
• Hospice Care – A hospice is a place that provides comfort and care for terminally ill patients. This type of care may be provided in a special facility or perhaps at home.
• Respite Care – This type of care provides some needed time off for the regular caregiver, usually a relative, who normally provides care for an elderly or disabled person. It can be offered in a nursing home, with the patient residing there on a temporary basis, or at home, utilizing the services of a home health aide.
Is long-term care a part of your financial plan?
Chances are, you’ve worked long and hard to build the kind of life you want. You’ve planned for the future and saved for your retirement, but have you considered what effect an unexpected accident or prolonged illness could have on your future? If you’re like most Americans, you may think you’re already covered for this kind of care — either through Medicare or your medical plan. But the unfortunate fact is, these plans are not designed to pay for long-term care.
Sadly enough, failure to plan for long-term care is the number one cause of poverty among older Americans.
