Take Full Advantage Of Long Term Care Insurance

        Search for “Long Term Care Insurance” and you’ll find article after article from places like AARP, a few financial websites, maybe an article or two from the New York Times, quite a few ads at the top and most likely leave with more questions than answers. So let me give you the basic premise; Long Term Care insurance exists to provide support in the event of a long term care event. You may be saying to yourself, “How many people really experience a long term care event? Is that realistic?” According to Forbes (https://www.forbes.com/sites/wadepfau/2016/01/05/costs-and-incidence-of-long-term-care/#62edb9284ceb) it’s very realistic. Accounting for both genders, 69% of people over the age of 65 will experience a long term care event. A long term care event isn’t necessarily going to a nursing home, it could be in home care, assisted living, hospice, anything that requires assistance with an ADL (activity of daily living). 

While long term care insurance is wonderful, if you’re younger it might make more sense to go with a life insurance – long term care hybrid. For example, a personal policy could allow access to 90% of the death benefits to help cover a long term care event, but if there is no long term care event, that money continues to build cash value. There are many options and ways to structure this, and we highly recommend asking your financial advisor or finding a reputable financial advisor to help you put together a retirement plan. They’ll be able to tell you exactly what their long term care insurance will pay for and what it won’t. Before you get there though, we’ve compiled a list of some great things you may not know long term care insurance might pay for.

  1. Home Remodel

    1. That’s right. The first financial advisor to ever tell me about long term care insurance had recently used his mother’s policy to remodel his own home so she could live with him. He remodeled a bathroom to be handicap accessible, widened his doorways, installed a device to move her wheelchair up the stairs, etc. It probably won’t pay for a new hot tub, but it will help those you love remain in familiar spaces surrounded by loved ones which can lead to a longer lifespan and better health outcomes.
  2. Granny Pods

    1. The Granny Pod. A small ‘apartment’, typically 300-600 square feet, that can be placed right on the caregiver’s property. You love your mom, but you may not want her down the hall and she may not want to be there either. These homes are more than stand alone, modular housing, they are often complete with monitoring systems, motion sensor lighting, fall force reduction flooring, etc. They’re custom built to house your loved ones in a safe yet independent manner. Read more here. (https://www.caregivers.com/blog/2013/05/medcottage-granny-pod/)
  3. Specialized Assisted Living and Nursing Home Care

    1. Your loved one may require specialized care such as a memory care facility. These are often significantly more expensive than your run of the mill nursing home. Even if your loved one does not need specialized care, the additional funds can easily keep them out of a poorly run nursing home, and allow them to live somewhere they enjoy, with perks such as in house hair dressers, frequent supervised outings, more qualified staff, etc. When looking for your own home, the cheapest option available probably wasn’t on the top of your wish list, nor should it be for your parents care as they age.
  4. Medication Adherence Solutions

    1. Companies such as MedX Services are providing completely connected care ecosystems, complete with pharmacist and clinicians to monitor patients taking multiple medications. These services often include advanced technology like our spencer in home unit that can ask patients how their day is going, connect to multiple devices, and alert caregivers if patients miss a dose. They also provide a team of pharmacists to package medications as well as other support services. Services like this allow your loved one to stay at home, where they have a greater quality of life, and continue to participate in the activities they enjoy.

The average cost of long term care itself is climbing and currently sits around 96,000 a year. With increasing life spans and better medical care, having a plan in place to provide the best care for those who’ve cared for you is important. Next time you sit down with your financial advisor, ask about the services above, what they’re LTCI covers, and whether such a product or the products above are right for you.

Located in Cambridge Square

6011 Chesterton Way

Ooltewah, TN 37363

(423) 269-MEDX (6339)