What Family Caregivers Need to
Long term-care insurance
One out of every two people will need long-term care at some point in their life time. And over 70% of those over 65 will require long-term care.
What is long-term-care insurance? Long-term-care insurance, like all insurance, requires you to pay a premium on a regular basis so that you don't have to pay a huge amount later on in the event of a catastrophic illness or condition.
Long-term-care insurance covers services for people who are unable to care for themselves. The most common reasons that people need long-term-care insurance are:
a prolonged illness, such as cancer ; a degenerative condition, such as Parkinson's, Diabetes or a stroke; a disability or a cognitive disorder, such as Alzheimer's disease or Dementia.
The two categories of help that people need are:
• Custodial or personal care
For disabled or ill people, this is hands-on help with the activities of daily living such as cooking, eating, bathing, dressing, and using the toilet. For people with cognitive impairments, this is supervision, protection, and verbal reminders to do everyday tasks.
• Skilled nursing care or rehabilitation
Either in the home or in a nursing facility Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence, such as an assisted living facility or in one's own home. Because most people prefer an assisted living arrangement, rather than living in a nursing home, they benefit by having insurance to help pay for what they prefer.
Because you cannot purchase long-term-care insurance when you need to use it, you must think about it ahead of time and make a decision about purchasing it.
• What is the cost of long-term-care insurance?
Long-term-care insurance ranges between $55 per year to $12,000 per year, depending upon the coverage you purchase and your current age.
For an excellent, comprehensive article from the U.S. government Medicare site, please visit: http://www.medicare.gov
The article you will find will offer you details on possible ways to pay for long-term care: Medicare, Medicaid, private long-term-care insurance, home equity conversion (reverse mortgage), and some other rarely discussed means of payment. (Medicare)
...For more information please contact Aging and Independence Services at 1-800-510-2020 and they will refer you to a specialist in your area.
This article was published for community education about LTC. Excerpted from the article Long Term Care Insurance for Elderly and Seniors from the Helpguide and is "Reprinted and published with permission from http://www.helpguide.org/ltc. C 2006, Helpguide.org. All rights reserved." For the complete article please log on: http://www.helpguide.org
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