How Much Do You Know About Aging And Long-term Care Insurance?

by Elizabeth Newberry - Date: 2006-11-29 - Word Count: 316 Share This!

While aging individuals aren't the only people who find themselves in need of long-term care, individuals over the age of 65 are more likely to need long-term care than younger age groups.

Long-term care is the care needed by individuals who find themselves unable to perform everyday activities such as getting in and out of bed, getting dressed, using the bathroom, and feeding themselves. The inability to perform these activities may be caused by a physical or mental disease or impairment, or it may just be the result of aging. For example, while long-term care is most often needed by aging individuals, a young man in his twenties may need long-term care while he recovers from a serious car accident.

Long-term care can be quite pricey. Today, the cost of long-term care ranges from $1,500 to $9,000 a month, depending on where the long-term care is provided. That's why many people choose to purchase long-term care insurance. Long-term care insurance can be purchased from an insurance company, and some individuals can even purchase long-term care insurance through their employers or an organization to which they belong.

If you, or an aging family member, have long-term care insurance it will pay for the cost of long-term care as long as you or the aging family member need help completing two or more every day activities. Long-term care can be provided in a nursing home or other assisted-living facility, or it can be provided in your own home.

However, you should note that long-term care insurance isn't the best purchase for everyone, aging or not. If you make enough money, or have enough savings, to pay for a few years of long-term care, you'd be wiser to save the premiums you'd pay each month for long-term care insurance. If you don't make much, or any, money at all, you'll probably be eligible for Medicaid to cover the cost of your long-term care.

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