Let’s face it: no one wants to talk about, or even think about, long term care insurance. Retirees today are in the first generation where long term care is even an issue and many people have a misconception that long term care insurance is nursing home insurance, and that to use your benefits you must go to a facility. This is not true.
Today, long term care insurance is not so much about going to a home, instead it’s about staying in your home, and maintaining your independence. Below are additional details on the two things about long term care insurance that may surprise you - in a good way.
1. You Don’t Have To Be Sick To Use Long Term Care Insurance Benefits
Long term care insurance benefits do not come into play just when you’re ill. They’re accessible when you can no longer manage two of your six activities of daily living.
The activities of daily living are eating, bathing, dressing, toileting, transferring and maintaining continence.
You may be perfectly healthy, but a loss of dexterity could mean you have trouble bathing and dressing - it doesn’t mean it’s time to leave your home. Most long term care policies cover the cost of having someone come in and assist you.
2. Long Term Care Insurance Allows You To Stay In Your Home Longer
When you think of long term care insurance, you likely think of an assisted living facility or nursing home; somewhere that’s not your home. The reality is most long term care policies today cover in-home care, as well as out-of-home care.
In 2007, over 1/3 of the claims paid were for home care services. Most people would prefer to stay in their home. Some people shy away from long term care insurance because they don’t realize that the right policy will allow them stay in their home longer.
Once you understand that you don't have to be sick to access long term care benefits, and those benefits usually mean you can remain in your home longer, your next step is to look at the pros and cons of long term care insurance.
