Long Term Care
Written by jamie on October 20, 2011
What is Long Term Care?
Long Term Care begins when every day functions and activities individuals usually do without help now require some form of assistance due to a physically or cognitively impairment. These ADL (Activities of Daily Living) functions include:
Many policies use the inability to do a certain number of ADL’s (such as 2 of 6) to decide when to pay benefits.
What I always tell everyone is that Long Term Care Insurance is the most customized insurance product you will purchase. For that reason and others it is so very important that you locate an “Experienced and Professional Long Term Care Planner”.
Long Term Care will be the last insurance plan you purchase and the most important. Simply put, it protects your assets from catastrophic loss. But more importantly it will provide a peace of mind that money cannot buy. That peace of mind is the knowledge that your love ones will not have to bare the physical or financial responsibility of your care because you planned ahead.
Noah built the arc before it rained. Protect yourself and your loved ones from the financial flood of a lifetime.
The cost of Long-Term Healthcare
(Based upon average in Virginia, rounded numbers)
Nursing home private room: $61,000
Nursing home semi-private room: $56,000
Assisted Living Facility: $25,000
Home Health Aid
Medicare certified/licensed: $54,000
Suze Orman on Long Term Care Insurance
Suze shares her personal experience of expensive around-the-clock care she funds for her mother.