As people continue to live longer and more active lives, more and more individuals and families are considering long-term care (LTC) insurance to help them financially prepare for their futures. But what is the benefit exactly of having an LTC insurance policy? There are several!
1. Paying for health care
Typical health insurance plans do not cover long-term care, which means the costs of an assisted living facility, nursing home, memory care institution, home health care, or other long-term care services are your responsibility. This can mean that your savings, retirement accounts, or other financial resources take a big hit—and quickly too.
According to Genworth’s Cost of Care Survey 2019, the national monthly median cost for a home health aide is $4,385—while an assisted living facility costs $4,051 per month and a private room in a nursing home facility costs $8,517 each month. That means families could be spending upwards of $100,000 every year on long-term health care.
2. Maintaining independence
One of the biggest benefits that many people see in pursuing long-term care options is the ability to maintain a sense of independence. Needing help with activities of daily living (ADLs) like bathing or toileting no longer necessarily requires living in a nursing home.
With the availability of home health care, adult daycare programs, meal delivery services, and other options, LTC policyholders have a broader range of choices when it comes to their care. And with their LTC insurance benefits, they don’t have to rely on family members or loved ones to provide that support.
3. Getting memory care
Alzheimer’s Disease is now among the most-dreaded conditions that older Americans face, especially among those who have known someone else with cognitive difficulties. But preparing for memory issues or diseases like Alzheimer’s is not easy—and it can be even more difficult when you start factoring in costs, caregiver responsibilities, and the toll that such conditions can have on decision-making abilities.
More and more people are creating contingency plans earlier in life in case they are faced with such a dilemma, and LTC insurance is a popular way to prepare.
While LTC insurance policies can help you and your family prepare for the health care you need, the fact is that these policies are often difficult to understand—and the claims process can be extremely difficult to navigate.
That’s why Family Solutions for Care exists, to help families get the benefits they deserve. Want to learn more? Read about our services or call us today at 844-858-4500!
