Though it can be a difficult subject to think about, many of us will need assistance with basic needs of living when we reach old age. Long Term Care insurance (or LTC insurance) protects your savings and your others assets when you reach the point of needing help for everyday tasks, such as bathing, meal preparation, cooking, shopping, laundry, administering medications and so on.
Long Term Care insurance covers the cost of the in-home care you need, and can allow you to continue living at home without being forced to relocate to a facility that provides this care. Medicare pays for in-home care for only a brief period of time – in most cases only after you have been hospitalized. If you need daily assistance, your LTC insurance provides payment for the services you need.
Unfortunately, many people don’t begin investigating the costs of home care until there is a crisis, such as an illness, physical or mental incapacitation, or a fall. Often it is the children that are left to make these decisions for their elderly parents. Putting Long Term Care insurance in place not only protects you and your assets, it ensures that your children are not thrown into the uncomfortable position of being forced to make these important decisions for you, or paying for the cost of care themselves. Get this form of insurance for them, if not for yourself – they will be thankful that you planned for the future and didn’t leave them to try to figure out what to do.
You may not want to relocate to an assisted living facility, but instead want to spend this stage of your life in the home you love, in your own environment, and living independently. Nonetheless, there may come a time when you will need help to continue to live in your own home, and your LTC insurance can give you the quality of life and security you want.
The cost of hiring in-home caregivers is hundreds of dollars per week or more, and without LTC insurance, your savings can be depleted to the point where there is nothing left, leaving you without resources, and without the ability to pass anything to those you love.
If you are ready to have a conversation about Long Term Care insurance, our friendly local agents at L & A Insurance Services in Phoenix, Arizona are prepared to give you all of the information you need to make a decision. There are many types of LTC programs available, and getting this insurance in place while you are still healthy and young enough to qualify is an important issue. We are here to discuss LTC insurance and all of your other insurance questions. As we are a local agency, it is easy to reach us and speak with us over the phone or to set an appointment to meet at a convenient time, including evenings and weekends if that works for you.