Long Term Care FAQ's
Working with an experienced professional from Economic is the best way to ensure that you get the Long Term Care coverage that is right for you. Economic represents every major carrier and will help find the plan that best suits your needs. The information below is intended to provide a basic understanding of how long term care policies are structured and to introduce you to some commonly used terminology. What Is Long Term Care and Why Do I Need It?Long term care is the greatest uninsured risk that Americans face today. Most people have life insurance, homeowner's insurance and car insurance, but few people have long term care insurance. Although this is a risk that can potentially be devastating, LTC insurance is a segment of the financial plan that remains overlooked. If you've ever had to help your parents, grandparents or other relatives perform everyday functions, you already know what long term care is. It's a fact of life, as people get older their activities of daily living (ADL's) become more difficult and their health has a tendency to diminish. Services to help people perform these activities are available, but they come at a price. Depending on what area of the country you live in, this price can be extreme. That's where Long Term Care insurance comes in. For many people, LTC insurance is the most economical way to pay for long term care needed later on in life, especially when purchased at younger and healthier ages. Long term care insurance will pay for services to be administered when you need them the most, whether it be in your home, your community center, an assisted living facility, residential care facility or nursing home. LTC ensures independence and allows you to remain in control without exhausting your retirement assets or personal savings. Who Needs LTC Most?Even though people plan to remain healthy, active and independent, there's a good chance, at some point, they'll still need help. Consider these statistics:  - Today, people age 65 and older face a 40 percent lifetime risk of entering a nursing home - about 10 percent will stay there five years or more.
- It's not just the elderly, however, who require long-term care. Forty percent of the 12 million Americans receiving long-term care are between the ages of 18 and 64.
Is It Especially Important to Women?Yes, the issue of long-term care should be especially important to women because they traditionally provide and receive the majority of long-term care services. Consider these statistics: - After age 65, women face a 50 percent greater likelihood than men of entering a nursing home.
- Seventy-five percent of nursing home residents 65 years and older are female, and two-thirds of home health care users are female.
|
