Long Term Care Insurance

Long-term care (LTC) insurance primarily pays for supervision or assistance with everyday tasks (such as bathing or dressing, etc.) whether at home, in a community program, in an assisted living facility (ALF) or in a nursing home. Most LTC services do not require a licensed health care professional to provide care. Some LTC policies only pay benefits for care in institutional settings such as nursing homes and assisted living facilities, while others only pay for home and community-based care such as adult day care (ADC) facilities. Comprehensive policies include benefits for all of the places listed above.

Statistics

American Association for Long Term Care Insurance statistics indicate that baby boomers start turning 65 in 2011 and the number of older people will increase dramatically during the 2010 to 2030 period. The older population in 2030 is projected to be twice as large as in 2000, growing from 35 million to 71.5 million. [Source: 2009 Long Term Care Insurance Sourcebook, American Association for Long-Term Care Insurance]

Between 2000 and 2040 the number of older adults with disabilities will more than double, increasing from about 10 million to 21 million. [Source: 2009 Long Term Care Insurance Sourcebook, American Association for Long-Term Care Insurance]

More than two-fifths (42%) of people age 65 and over reported a functional limitation. Eighteen percent had difficulty with 1-2 Activities of Daily Living. Five percent had difficulty with 304 ADLs. And three percent had difficulty with five to six ADLs. [Source: 2009 Long Term Care Insurance Sourcebook, American Association for Long-Term Care Insurance]

An estimated 10 million Americans needed long-term care in 2000. [ Rogers, S., & H. Komisar. Who needs long-term care? Fact Sheet, Long-Term Care Financing Project. Washington, DC: Georgetown University Press, 2003. ]

Based on the statistics a great percentage of seniors will need or benefit from some form of long-term care during their lives.

What Affects the Possibility of Long-Term Care?

Age will be a primary factor. The older we get the more likely you will need long term care. Chronic illness or an accident that causes disability can result to long term care. Your health status, such as having chronic conditions like high blood pressure, diabetes can increase likelihood of care. Living Alone can be a reason to have long term care.

Should I get a Long term Care Insurance?

This is something you should think about. There’s a need to assess your finances and condition. Rich people would probably not need a Long term insurance, but if you have limited finances, this could be a challenge. The cost rises with age. If you are considering long-term care, you need to fully understand long-term care and the best time to get it to prepare you for the future.

The National Association of Insurance Commissioners (NAIC) has these key points to remember:

  • Long–term care insurance policies cover a wide range of medical, personal and social services.
  • Understand what must happen for a policy to begin paying benefits.
  • Understand the elimination period.
  • Understand the daily benefits provided.
  • Understand your coverage and exclusions.
  • Match your need for long–term care with your need to protect assets and your ability to pay premiums.
  • Understand how much your premium will be and how often it must be paid.
  • Your premium may increase after your purchase.

Long-term care is more than just a policy. This can be beneficial to prepare you for the future. Administration on Aging has mentioned that as you age, you can feel better knowing there are steps you can take to ensure that that your wishes, both medical & financial, are carried out the way you want them.

N.B. For more information regarding Long Term Care Insurance, you can visit this website. Larry and Katherine Cook specializes in financial planning and insurances.

Stress…What Can We Do?

Traffic, toxic boss, deadlines, taking care of elderly or sick family members, bills, family, children, work. These are some of the stressors we encounter, and if not handled well, they can interfere with our lives and health.

Stress, as explained by helpguide.org, is your body’s way of responding to any kind of demand or threat. When you feel threatened, your nervous system responds by releasing a flood of stress hormones, including adrenaline and cortisol, which rouse the body for emergency action.

According the American Institute of Stress, there are numerous emotional and physical disorders that have been linked to stress including depression, anxiety, heart attacks, stroke, hypertension, immune system disturbances that increase susceptibility to infections, a host of viral-linked disorders ranging from the common cold and herpes to AIDS and certain cancers, as well as autoimmune diseases like rheumatoid arthritis and multiple sclerosis. In addition stress can have direct effects on the skin (rashes, hives, atopic dermatitis, the gastrointestinal system (GERD, peptic ulcer, irritable bowel syndrome, ulcerative colitis) and can contribute to insomnia and degenerative neurological disorders like Parkinson’s disease.

Each one of us has different ways of coping with everyday stress. There are activities that may provide temporary relief but do not help in the long run. Drinking & smoking can develop into vices which can affect our health & even increase your stress. Eating your stress out will not help especially if you are loading yourself with carbs & sweets. Emotional eating can make us feel good but not after you have gained weight, and your vitals are soaring high. Avoiding stress by isolation, according to New York Times, can reduce life expectancy.

Some of the common positive practical strategies to deal with the “bumps of life” are, taking a breath of fresh air, burning a scented candle, taking a warm bath, listening to music, taking a walk or exercising, and connecting to your spiritual side. Social support provides protection from the damaging effects of stress. Family & friends can make stress more bearable.

The list is long, but if these positive actions bring you balance, then go for it!

“Take your seat on the shore. Listen to the ancient voice in the waves. Taste the salt of life on your tongue. Run your fingers through the eternal sand. Breathe deeply. If you find yourself worrying about your cell phone and emails, if you find yourself feeling guilty that you should be doing “something important,” breathe deeply again. And again. Breathe deeply until every fabric of your being is reminded that this, being here, is your top priority. This is peace. This is wisdom. The work is a means to living, but this is the living.” – Brian Vaszily