Long-Term Care Insurance

Long Term Care Insurance

Long term care insurance helps people afford the long term care they need later in life. Long term care is assistance with the Activities of Daily Life (ADLs) and Instrumental Activities of Daily Life (IADLs). These are the activities that help us to function on a regular basis. ADLs include things like using the restroom, bathing and getting dressed. If you need help with more than a few activities of daily living, you should consider getting long term care assistance. IADLs are essential to functioning as well and include things like going shopping for groceries, taking care of your pets, managing your finances and managing your household. Homemaker services can help you with these tasks.

Many people will eventually need long term care. Long term care does not necessarily mean living in a nursing home. Long term care can include the services of a home health aide or home health care, daily trips to an adult day care facility, relocating to an assisted living community, or living in a nursing home.

Long Term Care Costs

On the national level, these costs toward long term care can be significant. Depending on your level of need, you may require the assistance of a home health aide or homemaker services. The national median monthly cost for a home health aide, according to Genworth, is $4,576 and the cost for homemaker services is $4,481. Care at an adult day care center has a monthly median cost of around $1,603. Living in an assisted living community will set you back around $4,300 each month. Nursing home living is even more expensive, depending on which level of privacy you opt for. A semi-private room in a nursing home will cost you around $7,756 each month and a private room costs around $8,821 monthly on average.

These costs are extensive and go far above the Social Security payments most Americans are expecting to help with their retirement planning. While your benefits will go a long way toward helping pay for your long term care, you will need to plan on other retirement income to help pay for the care you need. Long term care insurance

Long Term Care Insurance Benefits

Long term care insurance gives you a daily benefit to spend toward your long term care. ONce you need assistance with more than a few ADLs or IADLs, as verified by a social worker sent by the insurance agency, you will begin receiving the assistance you need to help pay for your long term care.

You can use this daily benefit amount toward any form of long term care services, from home health aides to homemaker services, adult day care facilities, assisted living communities, and nursing homes.

Who Needs Long Term Care Insurance?

If you are single, have no children, live alone, or have no relatives or friends close by to help take care of you, you may end up needing long term care for some of the activities of daily living or instrumental activities of daily living.

Many people live in housing that is not equipped to care for someone with limited mobility. If you are experiencing difficulties with mobility and your home is not ready for potential worsening of your condition over time, you would be a good candidate for long term care.

For more information about long term care insurance or help accessing your benefits, contact Jones Insurance Group.