• For When the Future is Now.

    The Insurance Lady - GA

LONG TERM CARE INSURANCE CAN HELP EASE THE BURDEN.

This is a subject that requires a lot of thoughtful consideration and some brutal honesty.  If you have a spouse, adult children, or other close relatives, talk to them about your plans and desires.

How do you want to be cared for if you cannot care for yourself? 

Medicare covers your illnesses.  I’m talking about that difficult point in time when the clock is ticking a bit faster.  What will your game plan be?  Use your family team to help come up with the best strategy for everyone involved.  Talk it out.

Long Term Care Insurance

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.  You can select a range of care options and benefits that allow you to get the services you need, where you need them.

The cost of your long-term care policy is based on:

  • How old you are when you buy the policy
  • The maximum amount that a policy will pay per day
  • The maximum number of days (years) that a policy will pay
  • The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.

It might be hard to imagine but these are real stories.

True Story:

In 2009 my aunt had a severe stroke. She was 72 at the time.  She spent months in the hospital and at least another month in a rehabilitation facility before returning home.  Her condo had to be renovated to be ADA compliant.  She still cannot walk. She has two certified nursing assistants 24/7 to help her.  We are going on nine years.  Her long term care costs alone are $10,000/month.  She lives in an expensive city.  This is in addition to her monthly food and housing expenses.

She has a very old LTC policy without an end date.  These policies no longer exist.  Even with this her savings is depleting.  Once gone, she will be forced into a Medicaid facility not of her choosing.

True Story:

My dad suffered from dementia for at least 10 years before he passed away at age 92.  His last seven years were spent in a very nice, small group home for other men with dementia.  He did not have LTC policy.  His costs were $2000/month.  There came a point in time where mother could no longer care for him and this had to be done.

Since I am from a large family, my siblings and I chip in and bought my mother her own LTC policy so she will have a buffer when and if needed.  What wouldn’t you do for your mom?

The care giver role is challenging. Planning for this type of future is a very important and thoughtful process.

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