If you are under the age of 50, then you probably haven’t thought about the benefits of long term care insurance, let alone doing some research for insurance quotes. Most of us insure our familiar tangibles, like our homes or our vehicles! And if you work, your health insurance is more than likely provided by your employer…that topic for another article.
Research has shown that the vast majority of people in the world will live longer. This is due to medical advances as well as a rise in health consciousness. Baby boomers, especially, will make up the vast majority of seniors in the near future. And as baby boomers live longer, they may eventually need medical, home or nursing care.
Most western cultures do not discuss how to care for aging family members. Some people have their health care already specified and taken care of. But families who are not financially able usually just let the “chips fall where they may.” Whether care is provided for or not, caring for the sick or elderly is not a “hot topic” at most dinner tables.
It should be.
If you, or anyone has ever observed or been in a position where you were responsible for the care of an older or chronically ill family member, then you realize that planning for long term care is a beneficial aspect of heath care.
An aging parent or a loved one who develops a degenerative condition, a chronic illness (heart attack or stroke), or is in a major accident, may require assistance after hospital care is over from either a nursing home or a skilled health care professional.
What is long term care insurance?
Long term care insurance provides the recipient with assistance for daily living activities . Bathing, dressing, and eating are “living activities” that would be performed by a nursing home or skilled health care professional. These services would either take place in the home environment, or at a nursing home.
Using Health Insurance Benefits
You can use health insurance benefits to pay for hospital care, doctors visits and prescription drugs. Most policies don’t cover the expenses for non-hospital, nursing or home care. If your aging, chronically ill or injured family member needs either of these for an extended period of time, the out of pocket costs can add up to thousands of dollars!