Many people in the workforce are confident that their health insurance will be sufficient for their future health care needs. What they don’t seem to understand is the fact that health insurance only covers expenses for medical treatment and doctor’s checkups; indeed, 3 in 4 need more information about proper long term care planning.
Long term care (LTC) is provided to individuals who are no longer capable of performing the ordinary activities of daily living (ADL) such as eating, bathing, dressing, toileting, transferring, and continence without assistance.
It has to be understood that an individual does not necessarily have to acquire an illness or be bedridden before he can avail LTC. What’s more, LTC is not designed for old people only because there are individuals as young as 18 receiving intensive care in nursing homes due to an illness or injury.
The fact of the matter is that there will come a point in every person’s life that he will require LTC but the sad fact is that a big percentage of Americans still refuse to acknowledge this. When asked what they plan to do should they end up needing LTC, many of them said they will sell their homes.
Selling of one’s house would’ve been a convenient passport to LTC 10 years ago or so but in this time and age it’s illogical. Economists will tell you that the housing market continues to take the downswing so if you resort to this decision you will only end up scraping together some money to cover your LTC expenses.
3 in 4 Need More Stories from the Past
Many 30-somethings in Florida have mustered the courage to purchase a long term care insurance (LTCI) policy despite their very young age and thus have made a good impression, and hopefully, inspired the elder generation to do the same.
Most of these young folks have witnessed how the savings of their baby boomer parents had dwindled down due to the LTC expenses of their grandparents. Now that it’s these boomers’ turn to receive care they have nothing to buy an LTCI policy with so they’re looking at the Area Agency on Aging.
According to the U.S. Department of Health and Human Services, 70% of today’s elderly folks 65 years of age and older will require LTC at some point in their lives. In 2030, today’s senior population is expected to increase to 70 million so it would be impossible for Medicaid to shoulder all of their LTC expenses.
Since it’s Long Term Care Awareness Month, this is the best time to heed the advice of experts on the LTC field who are constantly providing options for everybody who is in the process of looking for a good LTC plan. Medicaid is not counted because it is only capable of providing limited services.
There’s definitely a need to educate people on the importance of planning because there is no doubt 3 in 4 need more information and options for their future health care.
Do you belong to the baby boomer generation and planning to purchase long term care plans? Get various long term care quotes and compare their features before getting one.