Long-term care (LTC) is a comprehensive array of medical, personal care, and other services coordinated to address the physical, emotional, and social needs of chronically ill or disabled individuals. One important aspect is that LTC is not exclusive to older people. People of all ages may require it at some point due to debilitating circumstances, chronic diseases, or developmental disabilities.

Many people mistakenly think health insurance or Medicare may cover long-term care costs. However, Medicare and Medigap do not pay for extended periods of custodial LTC. LTC insurance covers the costs of LTC that are not covered by regular health insurance.

This article outlines the reasons why you may need LTC insurance.

Age-related issues

First, specific individuals may require specialized care in a long-term care facility due to age-related issues, making everyday activities increasingly difficult. Conditions such as dementia, arthritis, stroke, heart disease, and diabetes can lead to chronic health problems that necessitate LTC.

Injury or chronic illness

Secondly, those who have had a serious accident or experienced a sudden illness may require care. Instances like a car accident leading to paralysis or sudden medical conditions like strokes can result in the immediate need for LTC.

Developmental disabilities or mental illness

Long-term care may be necessary for some individuals due to developmental disabilities or mental illnesses. For example, severe autism or schizophrenia may require round-the-clock care or regular assistance with everyday tasks.

Lifestyle

Last, lifestyle habits can also contribute to the need for long-term care. Lack of exercise, poor diet, smoking, excessive alcohol use, etc., can lead to chronic illnesses that demand LTC services.

Plan for LTC

Planning for care is essential. Conduct thorough research on long-term care facilities and LTC insurance providers. Consult financial and insurance professionals to understand the costs and how to cover these expenses. If feasible, consider purchasing LTC insurance—it may provide financial independence knowing that you have a plan in place should you ever need such care.

Without LTC insurance, assets may be prematurely liquidated to pay for care, making a policy essential for helping preserve assets.

In conclusion, understanding long-term care and why someone may need it is crucial for anyone facing debilitating health conditions that could impair their ability to perform basic daily tasks. By planning and considering your options, you can work toward purchasing an LTC insurance policy to pay for care should you ever need it.

SWG4102450-1224d This information is provided as general information and is not intended to be specific financial guidance.  Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. 

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