Long Term Care Insurance - The Many Benefits

I am an Americans with Disabilities Act (ADA) Social Worker. I continue to meet new people that have developed disabilities. I read that in the age demographic of 45-54 years old that 13.9% (1 in 7) become severely disabled. The 55-64 age range is 24.2% (about 1 in 4), and that the 65-69 age range has a 30% (close to 1 in 3) chance of becoming severely disabled. Almost half those receiving long term care are under the age of 65. It can be difficult to start a conversion with loved ones about this, but it is necessary. To make an informed decision, with the proper education, is an important step to the natural progression of life.

I keep hearing on the news, and reading in the newspaper about the housing crisis. I live in California, and it is expensive. When I hear about the whole sub-prime mortgage mess, I don't really hear enough about all of the people that lose housing due to unforeseen medical reasons.

In the capacity of my job as a Social Worker, I have many clients with serious health problems. Like it or not, becoming disabled is a part of life. I am hoping that people become proactive about obtaining medical coverage. Not enough education about the benefits of Long Term Care Insurance is making its way to the general population. This is the critical extra piece to health insurance coverage. Check your current plan, and see if LTC coverage is part of the plan. Many people are surprised to find out that they have no coverage. Hospitals are great for emergencies, but what happens when a patient goes home? Long Term care is the assistance needed over an extended period of time to manage, rather than cure, a chronic condition, such as, arthritis, stroke, dementia, or the frailties of aging or accidents.

The Partnership for Long Term Care is a national initiative formulated to blend public and private insurance. The partnerships combine Long Term Care insurance with Medicaid. Consumers who purchase Partnership approved insurance policies can become eligible for Medicaid services after the utilization of their private insurance, without spending down all their assets as is typically required to meet Medicaid eligibility criteria. Remember under new federal law, the home is no longer automatically considered an exempt asset. Couples, who run out of liquid assets, would be forced to sell their home to pay for long term care. All Partnership approved insurance policies must meet quality guidelines established by the individual states.

If a person does not have a lot of assets to protect, it may not be necessary to obtain Long Term Care Insurance. The government has programs for low-income people.

A person may have a family member or friend that is willing to take care of them for free (provided a primary caregiver have the time and energy). Sometimes the primary caregiver has to leave the place of employment.

A person may have enough money to pay somebody to take care of them (although this can become very expensive to self-insure).

The costs of Long Term Care are staggering, especially when you consider the impact of inflation. For instance, care costs between $75,000 and $120,000/year today. The costs will be between $150,000-$240,000 in fifteen years, and in thirty years, $312,000-$504,000. That is if inflation is only 5%.

Please click on the link below for the cost of care in your area.

Cost of care across the nation

Long Term Care Insurance can be confusing for people, but it is this writer's intention to be a resource to clarify, and simplify the subject. The information from Wikipedia is a helpful guide.

Please click on the link below for the Wikipedia definition.

Wikipedia Definition

The bottom line is very simple: Long Term Care is a major risk that people face. It is affordable for most people, but more importantly, the majority can health-qualify. Long term care protection is a subject every responsible person needs to explore while young and insurable. LTC insurance is about preserving dignity, quality of life, and independence. Both for the person who is disabled and those involved in the situation. It is about not being a burden on those you love. It also protects assets, so they can go to those you care about, rather than a nursing home. Plus, Long Term Care is for young folks.

Questions, comments, or to discuss your options: bob@bobguarinocares.com.

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