Long Term Care InsurancePresented by Margaret Sanders |
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January 6, 2009 |
What is long term care?
Long term care insurance has become an important consideration for everyone's financial plan due to the increasing costs of long term care services.
Long term care addresses a wide range of long term care and supportive services for people who may have cognitive impairment or who are unable to accomplish certain activities of daily living over an extended period of time. These can include activities such as bathing, continence, dressing, eating, toileting, and transferring.
Long term care services can be provided in a variety of settings, including your home, assisted care facilities or nursing homes; and it can be very expensive.
Some Options
- Self-insure. This means you would pay-as-you-go
and use your own assets to pay for required long term care. The
risk is that this money you've worked for all of your life—your
savings and investments nest egg—could be depleted due to
the high costs of long term care.
- Rely on care from friends and family members. This involves many complications, including their time, their skills, their physical strength, their financial ability to care for you, the emotional toll on both the caregiver and the care receiver, and the challenge of geographic distances.
Fortunately, there are options like long term care insurance policies that can help protect you.
This Web site should be considered an advertisement and is not a contract. Policies are issued by Allianz Life Insurance Company of North America, Minneapolis, MN. The intent of this website is to gather consumer requests for product information, and transfer them in a timely manner to a licensed insurance representative who will contact the consumer directly regarding their specific needs.
