Long-Term Care Insurance:
Definition of Long-Term Care
Long-term care, in the
broadest sense, is defined as a need for
assistance with the normal activities of daily living. The need for
long-term care can be due to a disability or impairment, whether it be
physical or mental in nature.
(Click
here to learn more about the Activities of Daily Living or ADL's)
True long-term care is
defined as care needed for a period greater than 100 days.
Some traditional insurance agents will attempt to scare you into
believing that care needed for less than 100 days is a serious
financial risk. But the fact is that while short-term care is
financially and emotionally inconvenient, long-term care is financially
and emotionally devastating.
Trends in Long-Term Care
The number of people needing long-term care is growing fast, and will
continue to escalate over the next three decades. There are 3
major trends that will have a phenomenal inpact on long-term care:
1. You will likely live a long life 2.
Living a long life will probably result in the need for long-term care
3. It is unlikely your family will be able to provide your
care
To
read about these trends in more detail, click here.
What are the Odds of Needing Long-Term Care?
Most available statistics regarding the odds of needing long-term care
are wrong because they often include care needed for short periods of
time. One reliable, yet incomplete statistic comes from
a recent study by the U.S. Department of Health and Human Services. The
study reveals that of all people turning 65 this year, 1 in 4 will
spend one year or longer in a nursing home. One in eleven will spend
five years or longer in a nursing home. But this
statistic does not account for people who
need care at home or care in an assisted living community. When these
two environments are factored in, it's estimated that there is a 1 in 5
chance of needing true long-term care. But
what are MY odds of needing long-term care? Click
here for a simple analysis.
Can
you reduce your odds of needing long-term care? Click
here to find out.
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