Long Term Care Overview

As you age, you may need help with things you’ve always been able to do yourself – shopping for groceries, fixing meals, cleaning the house. You may also need help with personal services, like bathing, dressing or taking medications. A long-term care insurance policy is designed to help you pay for these types of services.

You intend to remain in your home as long as possible

You value your independence and enjoy your home. You’re not planning to go anywhere…certainly not to a nursing home.

Family relationships are important

Your family means the world to you. You love spending time together and don’t want to do anything to jeopardize those cherished relationships.

No one really likes to think about needing long-term health care services. But the reality is that in America, someone turning 65 today has almost a 70% chance of needing some type of long-term care in their remaining years to assist with performing everyday tasks like eating or bathing. Add the challenges of the COVID-19 pandemic and it’s easy to see how caregiving can take a financial and emotional toll on everyone in a family.

Are you prepared? According to the Department of Health and Human Services, the average use of long-term care services is 3 years.

Long-term care expenses are a key risk to your retirement plan, and you need to plan for them. If long-term care is needed, it will affect you and your caregivers financially, physically, and emotionally. Having a plan to address these concerns is critical to easing the burden on you, your family, and your friends. Indeed, 57% of family caregivers have children under the age of 18.

Your options

While it used to be that families cared for their aging relatives, today’s elderly increasingly rely on professional care from home health aides and nursing homes. Often, long-term care starts with services such as home visits, then, depending on your health and independence, may transition to additional services that require full-time nursing care. These services will increase in cost if your required care increases.