Image by bterrycompton via Flickr |
Still, with the elderly being the most rapidly growing segment of our population, it once again elevates the need for Long Term Care insurance (LTCi). This type of insurance begins when your doctor certifies that you are unable to perform at least two of the six activities of daily living without assistance and that this disability is expected to last at least 90 days. These activities include:
- Eating
- Toileting
- Transferring
- Bathing
- Dressing
- Continence
Although the cost of long-term care may vary from state to state, across the country the cost of long term care, specifically assisted living and nursing home care, can easily exceed $50,000 a year. Recently in Illinois, an Assisted Living Facility (private, one bedroom) costs $41,880 and Nursing Home Care (private room) $63,875 or a (semi-private room) $54,750. Check out these costs in your state.
It is clear this that for most families it would be financially devastating to have to personally pay the cost of a family member's long term care in one of these types of facilities. The family may try to care for the beloved member at home, but often, for variety of reasons, it just can't be done.
The end of the CLASS Act once again leaves LTCi as the only way to get the benefits you need if you become elderly and disabled or just disabled. As a conscientious family member, you do not want to become a burden on other family members when it can be prevented. After all fitting it into a financial plan may just require some forethought and sincerity.
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