When Should You Start Planning For Long-Term Care?
When it comes to Long-Term Care Planning, sooner is better than later. In my last two blogs I talked about: What Is Home-Care And Who Provides It and Which Home Care Services Will Long-Term Care Insurance Cover?
While none of us want to dwell on a time when we’re no longer able to take care of ourselves, the truth is that the earlier that we consider our future needs and plan for them, the more likely we are to be prepared and to minimize the stress felt by our families and ourselves when the time does come. In addition, financial planning prior to long-term care needs begin will give you a greater choice of intervention, and put you in the driver’s seat.
The sooner you begin planning for Long-Term Care the lower your rates!
Many don’t know that there are significant benefits to purchasing long-term care insurance earlier in life. For one, the price of long-term care insurance premiums is significantly lower when you are younger. For the same policy, yearly premiums for policies purchased at the age of fifty are significantly less than premiums purchased at the age of seventy. In addition, the earlier you purchase your policy, the more likely you are to have your application approved.
By planning ahead, you will be best prepared to secure an affordable policy that helps you stay at home when the time comes. In addition, many policyholders wait longer than necessary to start using their benefits. They intend to save their benefits for when they need them more, but in actuality, intervening with home care earlier in a disease or aging process can help prolong one’s ability to stay at home, and stave off the need for a higher level of care or relocation to a nursing home.
According to the National Center for Injury Prevention and Control, falls are the leading cause of injury among the elderly. When an elderly person falls, they are more likely than younger people to end up in the hospital and often, to come back home unable to perform their normal activities. Having a home care aide can help prevent these fall emergencies. If a fall has already occurred, home care may be an appropriate intervention during recovery. Just because you cannot walk up a flight of stairs unaided, does not mean a move to a facility is required as a permanent decision. Long-term care insurance can fund home care that will allow you to remain at home where you are most comfortable, with safety and independence
Helping Hands Caregivers thanks The American Association for Long-Term Care Insurance for providing the information detailed in this article regarding Long-Term Care Insurance.
For more information regarding Long Term Care insurance:
American Association of Long Term Care Insurance – http://www.aaltci.org
Federal Long Term Care Insurance Program – www.ltcfeds.com