Often referred to as LTC, long-term care essentially encapsulates services that support elderly or disabled individuals with activities of daily life. These activities of daily life can include many things, such as getting dressed, taking a shower, personal hygiene, going from one room to the next, preparing meals, and so forth. Taking on the long-term care insurance cost could help to pay for services to address these needs.
At some point in time, as people age, they may struggle with those activities of daily life. They may have health issues, had injuries, recently had surgery, or are facing other challenges, including memory-related issues like Alzheimer’s or other forms of dementia.
Long-term care might be necessary for somebody much younger, including teenagers and young adults. If they have serious disabilities, learning disorders, or are handicapped in some physical way, they may need assistance with some or many aspects of daily life. If that’s the case, then long-term care will be necessary.
More seniors require long-term care.
About 70 percent of people over the age of 65 will need some type of long-term care before the end of their life. Those who are diagnosed with Alzheimer’s or another type of dementia are also highly likely to require some type of long-term care.
In truth, many families take it upon themselves to provide this level of care to aging loved ones. It might be a grandparent, parent, spouse, or even a sibling. These family caregivers take the responsibility of long-term care on their shoulders, even though most of them have no prior experience doing it.
When that happens, a lot of mistakes can be made. Costly missed opportunities happen all the time. Several years later, when those same family members who were taking care of their elderly loved one realize the missed opportunities that passed along the way, they live with regret.
What are the more common types of long-term care?
Many people would prefer to remain home. In-home care support services can help make that possible, but there are limitations. Currently, in the wake of the pandemic, there’s a shortage of home care providers, especially those who are able to meet the ongoing needs of elderly clients.
Many home care agencies can provide a couple of hours a few days a week of support, but what if the senior needs more? What if they need full-time or even around-the-clock care?
Assisted living is the preferred option, but some seniors need to stay in a nursing home for a set length of time. It might be several weeks, months, or even years. Do you have any idea how much these support services cost?
It depends on where you live, to be honest, but the average cost of long-term care is around $75,000. Assisted living can be more affordable than nursing home care, but again, it depends on where you live.
Can you pay for long-term care with a policy through long-term care insurance cost?
A lot of people tap into a whole life insurance policy, investments, 401(k), or even a pension to help cover long-term care expenses when they reach their 70s or 80s. You don’t have to if you select a long-term care insurance policy while you’re still young enough to qualify and for it at a reasonable rate.
If you or a loved one are considering Long-Term Care Insurance Cost in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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