We spend our lifetime working hard and saving for the future to ensure our security and the security of our family. To further strengthen the security weâve established, we may buy insurance to protect ourselves, our loved ones and our other important assets.
We may purchase disability income, life and health insurance to protect ourselves and those who depend upon us financially.
However, we may forget to include long-term care insurance in our planning.
Thanks to advances in medical science, many of us will live well into our golden years. Consequently, it’s important to think in terms of the quality of that longer lifetime. And, when it comes to the quality of our lives, maintaining control over our own circumstances will become more and more meaningful with every passing year.
We cannot predict the future, but we could eventually need caregiving services on a long-term basis. And the cost of receiving these services can jeopardize not only our lifestyle but also our family’s lifestyle and the financial security we’ve spent our lifetime establishing.
Long-term care encompasses services provided to individuals suffering from a chronic illness, disabling condition or cognitive impairment. These services are generally needed for an extended period of time and may not “cure” or heal the patient. They focus on helping the individual with routine activities such as bathing, dressing and eating.
Services may be provided in your home, in your community, in a residential care facility or in a nursing home. The range of services is broad in scope and can be provided by personal care providers (skilled or unskilled), such as home health aides, or by professional care providers, such as registered nurses and physical therapists.