What is Long Term Care?
Most people don’t know what long term care is until they or someone they love need it.
Long term care is the care you may need if you are unable to perform daily activities on your own. That means things like eating, bathing, dressing, transferring and using the bathroom. The goal of long term care is to help you maintain your lifestyle as you age. Medicare, Medicare supplement insurance, and health insurance you may have at work usually won’t pay for long term care.
Why would you need it?
A need for long term care may result from accidents, illness, advanced aging, stroke, or other chronic conditions. The average life expectancy after Alzheimer’s disease diagnosis is 8-10 years.1
Who is Affected?
The need for long term care impacts the entire family, not just the person requiring care. For example, if your son or daughter is taking care of you, it may bring you closer together in some way. But providing that care can be time-consuming, stressful and exhausting for the caregiver. It also takes them away from their own obligations including their children, their spouse, and their job.
How Do I Pay for LTC ?
Do you have a healthy amount of money saved up for retirement or other future needs? If you can spare it, that money may be a good choice to cover long term care costs for you or a loved one. 63%2 of caregivers used their own retirement and savings funds to pay for care.
Family & Friends
Asking loved ones for help with long term care can be a bonding experience for all involved. But it also can take a major toll physically, emotionally, and financially. Over time, the stress and expense that comes along with it can have wide-reaching effects on everyone in the family.
Medicare & Medicaid
Most people think they’re covered by either their health insurance or a government program such as Medicare and Medicaid. The reality is health insurance doesn’t cover long term care services