Who’s Ready for Long Term Care?
Most people will probably require long term care (LTC) at some point in their lives but only a few can confidently say that they are ready for it emotionally and financially.
Financial readiness for LTC is very important as the cost of nursing homes, assisted living facilities, adult day care health centers, and even home care is getting higher every year. Besides being financially sound one has to be emotionally prepared, as well.
Being emotionally prepared for LTC means you have long acknowledged the possibility of acquiring care at some point after retirement, and you’ve actually sat down with your family to discuss the matter with them.
Although there are some people who are not emotionally ready for LTC, they have managed to secure an LTC plan because they want to protect their money and other assets which they’ve acquired through hard work. Unfortunately, not being emotionally ready for LTC could result in negative consequences.
For instance, a person buys a long term care insurance (LTCI) policy just to ensure that he won’t have to pay for care using his nest egg or retirement money. He did not take time to read the fine print of his policy nor did he clarify with his insurer the extent of his coverage. When he tried to claim his benefits after 20 years of premium payment, he did not receive anything because based on his policy he has not satisfied the benefit triggers.
Individuals who are emotionally ready for LTC plan for it like they would plan for house buying. Planning does not mean investing in the most expensive LTCI policy or putting your house in the market. It simply means identifying the kind of care that you could possibly need in the future and the figuring out the cost of LTC where you live.
Types of Long Term Care
Someday you might require a skilled care provider or a custodial care provider. You have to be able to differentiate the tasks and limitations of both LTC providers as their rates differ.
Providers of skilled care are aptly called nurses, doctors or other licensed medical practitioners who are authorized to provide medically necessary care. They are actually responsible for providing care to chronically ill individuals or those undergoing rehabilitative treatment.
On the other hand, custodial care or personal care refers to the services that are provided to individuals who cannot perform even the simplest activities of daily living (ADL) because of a permanent disability, injury or frailty resulting from old age.
Indeed, it would be difficult to identify which type of LTC provider you will need in the future if you’re just going to think about it or weigh both options in your head. Going to your doctor for a checkup, though, can make a difference.
Apart from having the present state of your health examined, asking your doctor to connect it to your family’s health history will help you determine whether you are genetically predisposed to a certain type of illness or not.
It’s true that long term care is not for everybody. Some may require it while others not. Still, it’s better to be prepared in case you would need it in the future rather than be complacent today and lose everything you have one day. Get long term care quotes today.
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