Is Long-term Care Insurance Right For You?
While no one can predict whether or not he or she will need some sort of long-term care product
, it stands to reason that the older you get, the more likely the chances you will require assistance in performing daily activities. You may need someone to help you out with cooking or cleaning, or sometimes with more personal actions such as bathing or dressing. If your mental and/or physical health deteriorates to a certain point, you may also need the kind of constant care provided by a nursing home or other, similar facility.Are your finances in a position to be able to pay for such care? If you're lucky, your children, siblings, or even parents may be able to care for your needs. But what will you do in the event that you require professional medical assistance for activities of daily living (ADLs) or even admittance to a full-care facility? The costs can be astronomical.
Long-term care insurance is an insurance with just this possible eventuality in mind. Statistically, about 60% of people 65 or older will require some sort of aid in performing ADLs in their lifetime. Buying long-term care insurance has to happen while you are still in relatively good health. Once your medical condition changes, it's too late.
Long-term care insurance covers the costs of home care, assisted living helpers, adult daycare, respite care, hospice care, and Alzheimer's facilities. Depending on the policy benefit maximum, your policy will pay for a caregiver, nurse, or other professional to live in your home and lend a hand in ADLs 24 hours a day, seven days a week.
It may be hard to ask children, spouses, or other relatives and friends for help. Long-term care insurance may bring peace of mind; you know that you will not become a burden on your loved ones. Instead, you will be able to retain the relationships you have with them while still receiving the support you need.
In the United States, there are two types of long-term care insurance. The first one is called a tax qualified (TQ) policy, meaning that the benefits of the TQ policy are non-taxable. The second is a non-tax qualified (NTQ) policy, in which recipients may be taxed on benefits received.
Thorough research will help you decide whether you need to purchase a long-term care policy and of which type it should be. There are many resources from which to obtain detailed explanations of each type of policy. As this is not an inexpensive insurance, be sure to carefully examine benefits and pricing from licensed agencies in your state.
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