LONG TERM CARE INSURANCE

 A GROWING NEED

    The wonders of modern medicine and healthy living are keeping us alive longer, and helping us manage chronic health conditions later in life.  

    For most of us, there will be a day when we will be either chronically ill, mentally impaired and need custodial care.  That day could come sooner than later should you have a stroke, accident, or develop early-onset Alsheimer's or a Demensia.  One of the greatest risks you will face financially could be having to pay for this future care.

     Many spend down their hard-earned nest-egg on care after exhausting family caregivers.   While your savings can be depleted, the financial cost of providing long term care is only increasing, with no assistance expected from government plans until you are impoverished.

     Long term care is most often provided in a home setting, where the spouse or family members provide care as long as possible.  Home health care is a service to assist the home caregiver, or replace them at a high price. Some people pay untrained caregivers or family members to provide care, which is unbelievably stressful for all parties concerned.  For those needing facility care the setting varies from a Foster care home, Assisted Living facility, a Nursing home or a specialty care facility such as a Memory Care facility.

THE COST IS HIGH

    We all know that long term care is expensive.   Memory Care facilities in the Portland area can run from $7500 to $11,000 per month.    Independent living can be from $1500 to $3000,  Assisted living c

     Long term care insurance is like an account you pay yearly into to prepare to pay for the high cost of future long term care.

BEGINNING A CONVERSATION

      There are many online sources of help for you to learn the basics of long term care insurance.  Much of the writers will disagree about specifics, and likely leave you wanting for some skilled clarification. 

     I believe you should have a low stress way to consider the options as this decision may prove to be an important one should you need to use the policy benefits.