LONG TERM CARE IN ACTION
Dementia runs in my family. When I forget how to eat, take my prescriptions, or bathe, I know my Long Term Care policy will provide someone who can step in and help.
Long Term Care Insurance
People tend to lean on their health insurance for paying for medical needs. In most cases this is okay. However, many things can go wrong and health insurance will not help. The issue, health insurance does not define medical necessity as the same as you.
For example,if you have Alzheimer's disease and forget to bathe yourself for two weeks, you may not be the best party guest but you are not in medical danger. If you are paralyzed from a car accident and can not move yourself from the wheelchair to the bed, you may several sleepless nights, but you are not in medical danger. Health insurance will not provide benefits for a home health provider in these situations. However, both situations are troublesome and require solutions. In fact, these issues speak to the inability to perform activities of daily living (ADLs), the cornerstone definition of needing a Long Term Care policy.
Long Term Care is an insurance solution that can provide the means for support if you can no longer perform ADLs due to a chronic illness, disability, injury, or disease. Measurements of ADLs are the ability to bathe yourself, dress yourself, toilet by yourself, transfer yourself (e.g., from bed to wheelchair), feed yourself, and/or level of incontinence. This type of policy will help pay for caregivers in the home, nursing homes, adult care centers, or assisted living facilities. Caregivers can be informal or formal, it depends on the claim and level of need. A Long Term Care policy is not just for people over 65. First, the younger you are when you buy it, the better your rates.
Do I need a policy?
The fastest growing category of people in the United States is people who are age 85 and older. Technological advancements in health and health education is increasing the mortality rates. If your parents lived long, you have a genetic disposition to acquire a disabling disease, you have risky hobbies where injury is possible, you should strongly consider one. Otherwise, your spouse, children, friends, and/or neighbors will become your home health aids.