Long Term Care Insurance: What Is It Anyway?
Long Term Care INSURANCE reimburses the insured a predetermined benefit amount should a lengthy illness, a severe accident, or the plain old effects of living a long life result in the need for the long term care of day to day assistance and physical care.
Long Term Care Insurance: Who Really Needs It?
You do! Have you ever had a family member, friend or co-worker stricken with the battle of a terrible disease or accident and then watch their struggle to pay the bills? It just feels wrong that on top of the problem of dealing with this new crisis they must also worry about the money to pay for their additional day to day needs, and the terrible burden placed on family. Long Term Care Insurance is the solution.
The Financial Impact & Health Care Needs of Living Longer
It’s awesome that Americans are living longer. Nonetheless, the statistical reality is that 70% of us who reach the age of 65 will require long term care at some point in our lives, and it is going to cost a hefty amount of money. The monthly price tag for an assisted living facility can range from $6,000.00 to $9,000.00, depending on the facility and the special needs of the recipient.
Long Term Care Insurance vs. Saving for Retirement
Unfortunately, just a few short years of the burden of long term care without the proper Long Term Care Insurance may wipe-out a lifetime of diligent saving for a comfortable retirement.
Isn’t a LTC Sinking Fund as Good as Long Term Care Insurance?
Clearly, if one has a LTC Sinking Fund they have tried to prepare for their long term care needs. However, what if a long term care need, like a chronic illness or a bad fall, arises before enough funds have accumulated in the Sinking Fund? The consequence may be doing without needed quality of life care; being a grave burden on family; cashing in investments intended for children’s education or retirement, for pennies on the dollar; or a combination of all three. Once an investment has been cashed in and spent, it is gone forever, no longer available for its intended purpose.
Long Term Care Insurance IS Family Protection
Taking care of our loved ones in their time of need is an act of kindness and compassion; nonetheless, most parents do NOT want their children to be forced to bathe, dress or assist them with their bathroom needs. Placing these burdens on one’s spouse or children all too often results in an extreme emotional and physical strain that can be avoided. Long Term Care Insurance provides an ADVOCATE and CARE CORDINATOR that enables the family to CARE ABOUT, rather than TAKE CARE OF, their loved one.
Long Term Care Insurance Benefits AT HOME
Long Term Care Insurance benefits can be received where you want or need them to be received: at HOME, an assisted living facility, nursing facility or at an adult dare care.
Long Term Care Insurance Benefits are Triggered
When the insured is unable to perform two or more daily living activities, such as bathing, continence, dressing, eating, toileting, and transferring without substantial assistance from another individual due to a loss in functional capacity that is expected to last 90 days or more; and/or if a severe cognitive impairment is suffered, requiring supervision to protect the insured or others from threats to health and safety. Severe cognitive impairments are deficiencies in: short term or long term memory; orientation as to person, place or time; deductive or abstract reasoning; or judgment as it relates to safety awareness.
Reeva Simon Rivkin, RHU, HIP, President, Rivkin Insurance Services; CA LicOB12353
Rivkin Insurance Services is a full service insurance agency specializing in Employee Benefits, Medicare Supplements, Medicare Advantage, Medicare Part D, Long Term Care Insurance, and Individual Health Care Insurance. We are here to help!
We are your advocate!
Please post any comments, thoughts or questions… name & email not required