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Long-Term Care Insurance?

Long Term Care Insurance protection allows the individual much more flexibility and often allows them to be cared for in their own home instead of having to enter a facility.

Currently 83% of the help provided to older adults in the US comes from family members, friends or other unpaid caregivers. In addition, those providing care have done so for an average of 4 years and 24% do it for 5 years or longer. Unfortunately, statistics show providing care can have a negative impact in the caregivers life as they are more likely to experience emotional stress, physical and financial strain as well as impacts on their health. Sixty percent of caregivers report having to make workplace accommodations as a results of their caregiving duties, 22% of caregivers feel their health has gotten worse as a result of caregiving and 38% consider their caregiving situation to be emotionally stressful. Their tasks cover the full spectrum of care ranging from housework to speaking with healthcare professions to providing complex medical or nursing tasks as well as the help with everyday tasks such as bathing, dressing, or moving around. Although some people may feel it is their duty to help a loved one and others may feel a sense of fulfillment by doing it, unfortunately half of caregivers reported that they have no choice in taking on their caregiving responsibilities.

There are many resources available to individuals and families including geriatric care managers, nurses, home care agencies, home care aides, assisted living facilities, and nursing homes. Unfortunately providing professional Long Term Care Insurance services becomes expensive very quickly. The national average for home care is $20 per hour which can easily cost $58,400-87,600 per year and nursing homes average $92,378 per year. These costs can be lower or higher depending on the area of the country but can easily drain assets that took a lifetime to accumulate or could use up the monthly income one has for all other expenses.

With an increasing variety of care options having a Long Term Care Insurance policy allows the individual to not only chose the type of care but the actual location or provider. When depending on government assistance or using own assets the care choice might not be the preferred choice. Versus when utilizing a long-term care insurance policy the individual can receive home care, adult day care, assisted living care, nursing home care, or care in a facility specifically created for memory care which can be licensed as nursing homes or assisted living facilities. It is up to the person and their family which provider they want providing care.

The topic of long-term care and long-term care insurance is around us on a regular basis but most of the time it gets glazed over. Even The Motley Fool for USA Today did an article going over the basics of Long Term Care Insurance, Long Term Care Insurance and whether people should buy the insurance protection. Simultaneously, the Alzheimer’s Association continues to educate the public about Alzheimer’s Disease since that is one of the conditions that requires the longest period of care and has no cure. Not only have they recently released a short video with their 2017 statistics but also put out a very thorough and in-depth report on the next frontier of Alzheimer’s research which includes detailed information about the disease, a variety of statistics, prevalence, care options and impact on caregivers. Some of the information they shared was:

· More than 5 million Americans are living with Alzheimer’s and by 2050 this number could rise as high at 16 million.

· Every 66 seconds someone in the United States develops the disease and 1 in 3 seniors dies with Alzheimer’s or another dementia.

· More than 15 million Americans provide unpaid care for people with Alzheimer’s or other dementias. In 2016 these caregivers provided an estimated 18.2 billion hours of care valued at over $230 billion.

· The next frontier in Alzheimer’s is having a better way to diagnose the disease and currently they are working on ways to use a biomarker based method which would not only allow an easier and more accurate way to provide diagnosis but also to provide treatment before irrevocable disability occurs.

The biggest way people can prevent becoming a victim is to educate themselves, not only about ways to try to prevent certain illnesses but also find out the early signs to look out for which can help with an early diagnosis. Unfortunately, there is no quick and simple answer but a lot of education is really the best solution. The education should continue in planning for the future in case of a catastrophic accident or diagnosis. Ultimately, not everyone should purchase long-term care insurance but everyone should have a long-term care plan.
At Axzons Home Care our experts in long term insurance can guide you to the right insurance policy for your needs and provide you with excellent home care services.
Please contact our experts at 347-829-9667, or visit us at axzonshomecare.com

The above article contains excerpts from the following reports below.

[1] Most Long-Term Care Insurance Claims Begin and End at Home, America Association for Long-Term Care Insurance.

[2] 2017 Alzheimer’s Disease Facts and Figures. Alzheimer’s Association.

[3] Caregiving in the U.S. Research Report, June 2015. Conducted by AARP, Public Policy Institute and National Alliance for Caregiving.

[4] 2017 Alzheimer’s Disease Facts and Figures. Alzheimer’s Association.

[5] 2017 Alzheimer’s Disease Facts and Figures. Alzheimer’s Association.

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