Five Reasons to Have Long-Term Care Insurance

Aging is inevitable, so it’s important to prepare for it as much as possible. Below are five reasons Amada Senior Care believes having a long-term care insurance policy is a smart investment.

1. The possibility that you’ll need long-term care continues to grow. The fastest growing group in the United States is people over 85. In the next 30 years, an estimated 1 million individuals will reach the age of 100. As life expectancy increases, the need for long-term care does as well. At some point, it’s likely that even the healthiest of seniors will need assistance with activities of daily living.


2. You have more choices for how and where you’ll grow old. It’s ideal for many seniors to “age in place” at home. Long-term care insurance covers costs where Medicare doesn’t, like if a senior needs assistance with non-medical care like bathing, getting dressed, or cooking meals. Being financially prepared allows seniors to choose where and how they want to age. “Contrary to what most people think, the vast majority of long term care insurance pays for care in the home or in assisted living communities, not in skilled nursing homes. Consider long term care insurance as nursing home avoidance protection,” said Jessie Slome, director of the American Association for Long-Term Care Insurance.


3. You are prepared for the uncertainty of the future. You may not activate your policy for another 20 years, or you may have a medical emergency and need to activate it tomorrow. Whatever the situation, knowing you are financially prepared for long-term care can make the transition easier. Some may view long-term care insurance as an expense rather than an investment. However, the costs of long-term care (in-home care ranges anywhere from $14 to $28 per hour) are expected to keep increasing and can quickly exhaust even the soundest savings. Noretta Mitchell, an in-home client of Amada, said purchasing a long-term care insurance policy was the best financial decision she ever made. “I can’t even fathom the immense financial devastation it would have caused if I wouldn’t have had long-term care insurance,” Mitchell said. “I would be lost without it.”


4. Your family will thank you. Families want their senior loved ones to receive quality care, even if that means taking on the caregiving responsibilities themselves. Especially for those in the “sandwich generation” – middle-aged adults who support an aging parent as well as their own children – the physical, emotional, and financial burden of caregiving can quickly cause stress and burnout. Knowing mom or dad is financially prepared for aging with a long-term care insurance policy will relieve the worries of your family members.


5. You will have peace of mind. Long-term care insurance will provide financial security that can help seniors age with dignity and without becoming a burden to their families. Being able to afford quality care can help seniors enjoy a quality life – one with less worry, in which they can maintain a sense of independence while surrounding themselves with people and things that they love.

 
While the value of long-term care insurance is proven, policies can be difficult to decipher and the options for coverage can be overwhelming. The help of a professional, such as an Amada Senior Care Advisor, can be crucial to getting the most out of your policy. Amada’s team of professionals can help educate seniors on long-term care insurance policies, and help them manage and analyze existing policies. Amada Senior Care acts as an advocate – negotiating with insurance companies on behalf of seniors and policyholders.

“They are professionals. You just know you’re in good hands with them,” Mitchell said of Amada Senior Care. “With someone like Amada, I don’t really have to worry about the claims process or anything else. I just get to focus on my own health and on getting well.”

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