Today, people are living longer, health care has improved with leaps and bounds, and the family structure has changed dramatically from just one generation ago. Considering these factors, it has become a reality that 70% of individuals over 65 are going to need some type of professional long-term care. It is important to know the options available before you actually need it. Worries you may have include:
- Leaving your house for a nursing home
- Being a burden to your children
- The costs associated with nursing care
- And leaving behind a legacy for your children
I know, my mother needed long-term care and staying in my home wasn’t a good option. We found a nice facility but the cost drained both my mother’s resources and mine. Would I want to deprive my mother of quality care? Certainly not! But, if I would have known of other options, I could have provided her better care at a lesser cost.
Many people do not realize that with proper planning, you can stay in the comfort of your own home and receive the same high quality care that is available in long-term care facilities – probably at a lesser cost! Through in-home care, you can be flexible with the hours of skilled or custodial care received thus lowering the cost. You may only need someone to prepare meals, clean, or assist you from time-to-time. With in-home care you can also have the flexibility of the number of hours and services you actually need.
Virtually any equipment available in long-term facilities can be placed in your home and monitored by qualified professionals. Then, as your need for care increases, you can adjust the time of on-site hours and equipment.
How can one ensure this kind of care is available when you need. Through Long-term Care Insurance.
This may sound expensive or out of reach, but there are several different options.
How do I pay for this?
- Single premium
- Installment premium payments
Single premium allows you to make a one-time investment into the policy with a guaranteed coverage amount, usually three to seven times the amount of the premium payment, depending upon age, etc. Installment premium establishes a monthly payment amount based on the amount and type of coverage you will receive when needed. Both have their own advantages depending on individual circumstances.
There are many insurance companies that offer long-term care and many service providers in the market today. It is extremely important that you make the right decision for your individual needs. Seek the advice of a trusted agent or consultant who will take the time to identify your needs and expectations and then provide quality solutions that will allow you to rest a little easier knowing that you will be taken care of by professionals if/when that time comes.
Written by: Joe Purdy, Licensed Life and Health Insurance Provider