Friends and family members provide the majority of long-term care. They provide support at home and in the community, which allows older adults to remain in their homes. A 2012 national survey found that around half of family caregivers were women. The average caregiver cares about their parent for at most one year. This can vary from simple transportation to more intensive care.
Traditional long term care insurance policies are also available. Typically, you pay an annual premium that is guaranteed until the policy expires, but you can also choose a shortened premium payment time. You can also select the amount of coverage you’d like and the length of time that the benefits will last. Certain policies provide daily coverage while others offer coverage up to $6,000 per month.
Long-term care differs from short-term care in that it focuses on maintaining a person’s function in chronic conditions. It’s not a way to cure an illness but it can aid in maintaining their ability to function. Certain people suffering from chronic illnesses require assistance in daily activities, including bathing, dressing, eating and toileting, as well as continence. Others may suffer from mental or cognitive impairments and require supervision as well as verbal reminders to accomplish daily tasks.
Another form of long-term care is home-based long-term. This type of care includes personal and health services that aid a person remain in their home. These services could include help with household chores, or medical attention. The majority of the services are provided by unpaid caregivers or family members.
Long-term care insurance may help pay for the cost of these services. It covers respite, in-home, and hospice care. A majority of public programs will provide some LTC services, but not all. These services will be more affordable and more flexible in the event that you have insurance. If you have the funds, long-term care insurance is an excellent choice for you.
An employer can purchase long-term care insurance. These plans are able to pay for in-home and assisted living facilities as in adult day care centers. Long-term care insurance policies could also cover modifications to the home to make it more accessible to caretakers. Certain policies also provide nursing home care.
A nursing home in New York, for example could cost as high as $90,000. Home care can also be prohibitively expensive. Only a small portion of people can afford to pay these costs. Fortunately, Long-Term Care Insurance protects the assets of the insured in the event of a need for long-term care. Long-Term Care Insurance is similar to homeowner and auto insurance, however it will only cover the future medical requirements.