Long Term Care Insurance

Long Term Care Insurance

An Increasing Concern
In the years to come, human aging will become an enormous challenge that Industrialized countries the world over will have to face. Consequently, this calls for an understanding and an increasing awareness of aging process and applying available interventions that will help to protect and preserve healthy aging. Aging statistics forecast - People 65+ representing 12.4% of the population in the year 2000, are expected to grow to be 19% of the population by 2030.
Although modern medicine is far advanced, yet old age continues to bring with it a host of chronic disease which has a bearing on a portion of the U.S. population (taking into consideration the projected growth in elderly Americans) that will suffer from chronic diseases. Estimates say that by 2030, more than 170 million Americans will be afflicted by such conditions and therefore, logically it can be concluded that they will require treatment.

With increased advancement in Medical treatments and cures comes increased cost and with this rise in cost every day, how then does one pay for foreseen inevitabilities?

Change Management in Long Term Care
With the aging population's growth the focus will now have to be on treating chronic diseases such as Alzheimer's disease, osteoporosis, heart ailments, rather than acute illnesses. This entails a change in the medication administrated which should be more long term medications than a onetime intervention. Chronically ill aging patients will also need long term care services such as nursing homes, home health, personal care, adult day care, and congregate housing. Another concern is that fresh solutions will have to be initiated to blend medical and long-term care services, an accomplishment that may prove to be difficult as in the United States, as financing and delivery systems are not homogenous.

Understanding Long Term Care Insurance
Since it may be quite a while for the US Government to bring about a change in their heterogeneous style of financing and delivery systems; Insurance on the other hand has recognized the need of the future and has brought about schemes that are tailored to fit each and every specific individual and their situation.
Long Term Care Insurance covers both personal and custodial care for an extended period of time. This type of Insurance plays a vital part because an aging patient will be needing help, with loss of daily living such as bathing, dressing, eating transferring, toileting and continence. All this costs money and that will be taken care if you have wisely invested in Long Term Care Insurance.
Coverage includes:

    • The loss of Activity of Daily Living may need considerable assistance whether it is hands on, standby or supervisory.

    • Any cognitive impairment, such as Alzheimer's and dementia are automatically covered.

  • Loss of at least two daily activities.

Long Term Care Insurance is a vehicle that

    1. Protects and helps preserve financial assets

    1. Allows for flexibility to choose the type of care

  1. Provides financial and emotional support for the family

To determine how much coverage you would need you will have to find out what is the cost of care in the area where you reside and derive what would be the daily benefit amount you would need. This cost also depends on the type of care that you may want. For instance your options stretch beyond going to a traditional nursing home, to name a few - home health care, assisted living facilities, and adult day care.

Next comes the most important aspect of Long Term Care Insurance - how to receive the benefits. There are two ways that you can receive these benefits:

    • By way of reimbursement - reimbursement of actual expenses incurred on a monthly basis

  • Or by cash, which is an expensive option as it attracts an additional cost of 20%


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Author: Regular Articles
Long-term care refers to the services you need when you are no longer able to care for yourself and need assistance. To learn more about applying for a Long-Term Care policy, please contact Allied Brokers - http://www.alliedbrokers.com/ for a free consultation. Don't wait until an acute injury occurs before you begin to consider the financial impact of long-term care costs without insurance.
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