Saving You Money For Life

Everyone agrees that the remarkable advancement in the medical sciences during the last generation is nothing short of miraculous. Many people are living well into their eighties and beyond. Our population of elderly citizens is increasing and, as has always been the case, some seniors need substantial living assistance as they move into their final years. In past generations, that duty often fell to children or grandchildren. Today, there are special long term care facilities to provide support and quality care for the elderly and frail; and there are insurance policies designed to pay for that care.

Long term care includes assistance with the tasks of daily living: eating, bathing, using the bathroom, dressing, and getting in or out of bed or a chair. Loss of two of these Activities of Daily Living (ADLs) generally qualifies an individual for long term care, and coverage from a long term care insurance policy. The need for care may be the result of surgery or illness and may not last for a long term. It may involve care in a nursing home, an assisted living facility or custodial care at home.

Depending on the policy, long term care insurance may cover some or all of these scenarios, at varying levels of cost. If the elderly person qualifies for both Medicare and Medicaid, the policy may not be necessary. But for those of us with average retirement resources, a long term care policy is a prudent choice.

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