What Is Long- Term Care

Category: Finance, Insurance.

In my previous article, "Baby Boomers and Long Term Care Part I" , we discussed why baby boomers should consider long term care insurance. This article look at a couple of things in a little more detail.

With the rising cost of medical expenses, long term care expenses and much longer life expectancy, most of us are going to be faced with some kind of long- term care crisis. What is long term care and who needs long- term care insurance. Long- term care is needed when a person can no longer perform the activities of daily living. What is long- term care? The activities of daily living are eating, bathing, dressing, toileting, continence and transferring. Long care insurance is also needed in the case of severe cognitive impairment. These" ADL s" usually are caused by chronic illness, a disability due to aging or an injury.

This includes Alzheimer s, dementia and other brain disorders. Anybody could need long- term care at any point in their lives. Who needs long- term care? Approximately 40% of people receiving long- term care are between the ages of 18 and 6 More than half of the US population will require long term care at some point in their lives. 5. One out of five Americans over the age of 50 is at risk of needing long term care in the next 12 months. 5. More than half of the US population will require long term care at some point in their lives. 5. For couples 65 and over, there is a 75% likelihood that one partner will need long term care. 6. 60% of people over age 75 will need long term care and need care for approximately 3 years. 7.

When Should I consider getting long term care insurance? There s a 68% probability that people age 65 and over will become disabled in at least two activities of daily living or of being cognitively impaired. 8. Most experts agree that, for many of us, we should start looking into it in our mid 50" s. Also, there are big discounts and benefits if both you and your spouse sign up together. LTCi is like most insurances, it takes into account your age and current health condition. In my next article, baby boomers and long- term care part three, we will look at the cost of long- term care without long- term care insurance.

Business Week www. businessweek. com. Source: Americans for Long- Term Care Security, www. ltcweb. org, August 200 The Wall Street Journal, June 200www. wallstreetjournal. com. AARP. Beyond 50: A Report to the Nation on Independent Living and Disability, 200www. research. aarp. org

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