Why Plan for Long Term Care


Why do you need to plan?

Simply put, if and when you need care it is expensive. The costs involved can wreak havoc on your carefully planned retirement fund. In addition the emotional and physical burden that care-giving has on your spouse, your family and friends is enormous. Think about it, how would you come up with an extra $3,000-$5,000 per month if you needed care? Planning for this type of expense simply protects your independence and puts more power of choice in your hands.

What is Long Term Care Insurance?

LTC insurance pays for custodial care. Custodial care includes such activities as bathing, eating, dressing and other personal hygiene activities. The need for custodial care very often begins at home and can be as simple as “stand-by” assistance. This could be having someone stand-by as you enter the shower to make sure you do not fall. However, it can also mean having someone available to help you safely get in and out of a chair or bed.

What Long Term Care Insurance Is Not

LTC insurance is not meant for medical care. Health care insurance and Medicare are the two typical methods that pay for medical care. Medicaid is government-run LTC insurance that is meant for the indigent. In most states you can have only $1000- $2000 in liquid assets to be considered for Medicaid. In addition Medicaid requires you to spend all your income on care, with the state only paying the shortfall. As you might imagine Medicaid is a thorny and complicated subject.

If you would like to learn more about it, please visit the Medicaid website: www.Medicaid.gov.

What people say about the value of LTC insurance

From an Estate Planning Attorney

At a time in our lives when independence begins to give way to dependence on others, we need the peace of mind that we can choose where and how our care is provided, and know we won’t be a burden to our family. To me, long term care insurance buys additional independence, and peace of mind.

Brian G. Quinn, Attorney at Law
Quinn & Banton, LLP

From a Home Health Care Provider

Long term care insurance gives us the opportunity to make choices with regards to our care as we age.

From a Single (Divorced) Woman

As a single professional woman I have spent decades saving for a comfortable independent retirement. However, I worried about the risk to my retirement savings should I ever need long term care. Have worked in the healthcare industry for over 40 years, I knew that even one episode of long term care could potentially wipe out my savings ... my decision to invest in long term care insurance has given me the priceless gift of peace of mind.

Retired Healthcare Consultant

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