The Long Term Care insurance program is the insurance that takes care of your tomorrow, today.
As you grow older, you may find you cannot perform all the usual daily activities of daily living. When this occurs, you may need to have a care giver come into your home to assist you. This essential service can cost several thousand dollars a month.
A chronic condition may develop, which you may not be able to deal with at homesuch that it requires you to enter a chronic care facility. These facilities can cost up to $2,200 per month for government care and $10,000 for monthly care in a private nursing home.
In either case the costs can have a serious impact on your family finances - maybe even reducing your standard of living. The alternative is a plan that will reimburse you for some of these expenses. This plan called Long Term Care Insurance.
Long Term Care Insurance is designed for you, your spouse, your parents or other loved ones.
It's a Boomer Generation Issue
As lifestyle and health care improvements increase longevity, one of the concerns of the "boomer" generation is the potential need for long term care when self care becomes unmanageable. It's not only not fair to rely on family or friends to provide such care, often it is not possible, nor practical. Finances, skill or facility may well be out of the reach of loved ones to provide for one's needs. Several insurers have developed an insurance product that can provide tax free cash flow when it is needed.
Long Term Care Insurance plans can provide for facility care and home care and if the benefit is not needed or used, an optional refund of premium rider is also available. Facility Care cost protection may be purchased by itself or have the Home Care cost protection and the Refund of Premium Rider added to create a complete package. The benefits are typically sold in units of $10 of daily benefit. There are several benefit periods to choose from, not unlike a disability income protection plan.
We have found that some of the people to whom we have presented this Long Term Care Protection plan have not had a clear understanding of the current situation with respect the government subsidized program. The following articles, videos and resources will,,hopefully paint a clearer picture.
As a general comment from one who is currently going through the process, I can help describe the key elements and comment on the differences between my uninformed concept of the long term care support system offerred by the government and what my expectations where.~