Long Term Care Insurance

Is it for You?

Thinking about a future in which we will need help with our daily activities is tough. Few of us intentionally give that possibility a lot of thought. For some, it is too depressing. For others, it seems too far in the future to worry about. We may even think that it won't happen to us. It may not.

Statistically, half of the people turning 85 or older will need help with their daily activities. In the past, this help has been provided by a woman of the family. But these days, families are often spread far apart making daily care impractical, if not impossible. Also, many women today work outside of the home. Women are no longer automatically expected to care for the elderly members of their family.

Going outside the family can be very expensive, particularly if the care is long-term. Statistics, according to United Seniors Health Council, say that 6.4 million people 65 or older need long-term care. One in two people age 85 or older will need care. And, of course, debilitating illness can strike at any age leaving us unable to carry out day-to-day activities on our own.

We might automatically think of a nursing home when we think of long-term care. But long-term care can take place in our own homes or perhaps in our community. Some folks may do well in an assisted living facility where they have their own apartment and are fairly independent, yet have medical help available if needed. Others may wish to remain in their own homes and receive home care.

There are many options but the options all take a bite of the person's finances. Nursing home care can cost any where from $40,000 to $80,000 a year. Even a short stay in a nursing facility can claim a chunk of carefully saved money. Contrary to popular belief, Medicare does not take care of all long-term care. They pay for a few days and then a person is on their own. Most folks end up paying out of pocket, out of their retirement that they so thoughtfully put aside over the years. It doesn't take long to deplete that retirement money.