This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

The Cost of Long Term Care Insurance for Families

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Though the cost of long term care insurance is often a financial one, there are other costs associated with having coverage versus not having coverage.

Long term care insurance does more than just pay for care. Yes, it helps ease the financial burden on families, but few may realize how LTC insurance can help ease other burdens on a family during a long term care event.

The Cost: Financially

LTC insurance pays for care after an elimination period when you or a loved one needs care for an extended period of time due to illness, old age, or injury. LTC insurance covers a portion or all of an individual’s needs for home care, assisted living, nursing home care, and more.

With LTC insurance, you have options on where and how you want to receive care. When your family is less concerned about how to pay for your care, they can focus on getting you the right care you need.

The Cost: Mentally and Emotionally

Caregiving takes a mental and emotional toll on families. It’s difficult to see those you love lose the ability to do everyday tasks such as eating, bathing, dressing, transferring, continence, or toileting (the six activities of daily living, or ADLs). Or, experience a cognitive impairment such as dementia or Alzheimer’s.

While long term care events can be a stressful time for families, long term care insurance provides access to caregiving support, recommendations, and helpful resources.

This added support helps ease the emotional burden on families by providing access to the resources they need.

The Cost: Physically

Families who decide to offer personal caregiving in their home may not realize the physical toll caregiving can have on a person.

When a family member can no longer care for themselves, either by transferring themselves from a bed to a chair, going to the bathroom, or dressing, it can be difficult to help someone with these activities of any size.

Not to mention, the need for around-the-clock care can create a huge burden when placed on one caregiver. Lack of sleep and physical strain can be difficult for anyone.

With long term care insurance, you can hire a home care nurse to come into your home for as few as a couple hours or for around-the-clock care if needed. If memory care is needed due to a cognitive impairment, you have easy access to the appropriate care services you need.

While the actual cost of long term care can vary by state, the cost of long term care insurance for families across the United States can be very similar. Protect your family now by planning ahead. Your family can have the financial, emotional, and physical support they need while you get the best care you deserve.

Click here for an instant quote to learn the cost of long term care insurance in your area.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

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