More About Long Term Care

What Is Long Term Care?
Long term care refers to the services provided over an extended period for people with chronic illnesses or disabilities who need assistance with regular, everyday activities of daily living (ADLs) such as eating, bathing, getting dressed, and other personal care activities.

Why Do You Need Long Term Care Insurance?
With the advances in medicine, Americans are living longer than ever and the chance of you or a family member needing Long Term Care is greater than ever before. More than 40% of today's workers expect to have some kind of elder care need in the next five years, whether it's for themselves or a family member.

The Benefits of Long Term Care Insurance:

	Protects your family's financial assets.
	Maintain your standard of living.
	Receive care at home.
	Maintain your independence.
	No need to rely on family and friends to take care of you.
	You decide on the type of care you want to receive.

How Much Does Long Term Care Cost?
Long Term Care costs average $43,000 to $86,000 annually, and continue to rise each year. Cost of care ranges by type of facility and location of care. The average cost of care in Georgia for 2007 was $150 per day. In larger cities like Atlanta, the cost can be 10-20% higher. Click here to see a cost by city analysis.

What Are The Alternatives To Long Term Care Insurance?

	Spend your family's savings and assets
	Depend on family for care
	Rely on government programs such as Medicare/Medicaid
	Other insurance coverage

Why Is Long Term Care Insurance Better Than The Alternatives?

	Spending your family's savings can force you to rely on the welfare program, Medicaid. With Medicaid, you must spend down your savings and any other assets to the point of poverty so you meet the financial requirements. Even then, home care may not be an option.
	Your family caregiver may not be physically able to perform the activities necessary for your care. The family member may have a job or other family responsibilities that may be neglected. An emotional burden is placed on the family member giving care.
	Government programs such as the Veterans Administration and Medicare provide very limited long term care benefits. To qualify for Medicare benefits, strict requirements must be met and then benefits are available for a short time period.
	Other insurance coverage such as health and disability do not provide any long term care benefits. Disability coverage replaces lost income during your working years. Health insurance covers medical care, not custodial care.

What Do You Need In A Policy?
Families need to be protected with LTC insurance policies tailored to their unique situation by carefully choosing the benefit options which meet the needs of their specific situation. Benefit options to be considered include: daily benefit amount, duration of benefits, elimination period and inflation period.

All of this information and more can be found in the Buyer's Guide to LTC. Please read the buyer's guide before purchasing a long term care policy.