The conversation around Long-Term Care is one of the greatest socioeconomic debates.
While some are asking questions like, do I really need it, is it worth it, and doesn’t Medicare
cover it: Others are helping cover expenses for loved ones or themselves, and are
wondering if they qualify/afford to insure themselves.
According to the Department of Health and Human Services, each day over 11,000 Americans turn 65, and more than half (70%) of them will need some level of long-term care services in their lifetime. Long-Term Care insurance helps cover costs related to in-home care, nursing homes, adult day care, and assisted living facilities while helping to protect personal assets.
The need for Long-term care is determined by dependency in activities ranging from household tasks to personal care. Labeled as activities of daily living (ADL’S), personal care includes bathing, dressing, transferring, toileting, and eating. This type of coverage helps maintain safety for individuals with physical or cognitive
decline.
It’s recommended to purchase long-term care insurance in your 40’s or 50’s to ensure
affordability and insurability. However, it’s never too late to have the conversation.
