Long Term Care

Long Term Care consists of a wide range of medical and support services for people with a degenerative condition, a prolonged illness, or a cognitive disorder. It is not necessarily medical care but rather what is known "custodial care". Custodial care involves individual assistance with daily living activities and/or supervision.

The need for LTC lies mainly in that people these days tend to live longer statistically. The number of people over the age of 65 is expected to double by the year 2030. As a matter of fact, those 80 and over represent the fastest growing segment of the population. Also, as Americans age, statistics show that they are more likely to suffer from chronic illnesses such as stroke or Alzheimer's. Coupled with the fact that today, many families elect not to care for them personally, be it do to busy schedules or lack of resources, they must rely on professional assistance at a cost.

Long Term Care Insurance allows the insured to pay an affordable premium to protect against any catastrophic events that might occur. When looking to acquire LTC insurance, consider that many policy holders do not begin to receive benefits for 10-20 years after issue. Also consider that LTC can also be expensive and easily $130 per day in most parts of the country, and in excess of $200 per day in metropolitan areas.

Those considering getting LTC should also keep in mind that many planners refer to Long Term Care insurance as "asset protection.", and individuals need to have assets worth protecting in order to justify the purchase of a policy. (Medicaid eventually pays for Long Term Care services once an individual becomes impoverished), that is , if you are able to pay Long Term Care insurance premiums without having to modify your lifestyle, you should transfer that risk to the insurance company.

Health is another important consideration. The state of one's health is a determining factor in one's ability to secure Long Term Care protection. This sometimes poses a problem as people don't often consider Long Term Care insurance until an unfortunate event has affected their health or the health of a loved one. Long term care may be required by anyone, not just seniors, and is usually required as a result of the effects of aging, either because a person has become physically unable to carry out everyday activities or because they experience cognitive impairment. Other times, long-term care may be needed because of chronic disease or while recuperating from an accident or serious illness.

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