written by: Andrew02
Long term care is a type of service which you will need in case you might contract a physical illness, cognitive impairment (such as the Alzheimer’s disease) or disability, which will affect your everyday work capacity. Texans are not immune to such things.
Long term care differs from the traditional medical care. While traditional medical care is used for treating your illnesses, a long term insurance won’t ease your medical condition in any way, but it will enable to maintain your current lifestyle. Such insurance will help you continue your normal everyday activities, such as bathing, eating or getting around. In addition, it will also come in handy if you need protection, supervision or reminders about taking your medicines or performing other activities.
Such services can be assured at your own home, but they can also be provided in a nursing home, hospice, adult day care center or assisted living facility.
There are basically two different types of long term care services:
- Skilled care, where you’re conditions require the aid of a medical professional, like a therapist or a nurse for example. It is usually provided in nursing homes and related care centers.
- Personal care, which aids you in continuing your normal activities. Personal care can be performed at home or in a specialized facility.
This type of insurance helps guard your assets against the high costs involved by extended long term care. It is usually contracted by individuals owning a house, car or other assets (both liquid and non-liquid).
If you have trouble getting the necessary money to pay for food, medicine or utility bills, than it would be a good idea to consider such insurance. If you won’t be able to afford the everyday living anymore, than you will need to sell your assets or dispose your economies in order to balance things again. Owning such insurance will help you stay protected against these risks.
The likeliness of you needing a long term care insurance or not is influenced by a series of factors:
- Life expectancy. The more you will live, the longer you will have to pay for your care. If your family has a long life expectancy, than such insurance is definitely to be taken into consideration.
- Gender. Women generally have a longer life expectancy than men, while also having higher life requirements. For this reason, they might be more prone to buy such insurance.
- Family situation. In case you have a fiancée, adult child or other family member who can take care of you in case an incident happens, then such insurance might not be necessarily needed.
- Family health history. If your family history shows disposition for debilitating or chronic health conditions, than your need for such insurance becomes greater.
Long term care is usually less expensive if you buy a policy at a younger age. In this regard, besides considering the tips of a specialized financial advisor, you have to ask yourself a series of questions:
- What are my liquid assets? Will they change during the next 10-15 years? Are they large enough to protect me in case of an unforeseen event?
- What is my annual income? Is it likely to change throughout the next 10 to 15 years? Will I be able to contract such policy if my income decreases or prices go up?
- In case I retire, how will this affect my ability to afford a hassle-free lifestyle?
In case the answer to these questions is not a positive one, then you should consider the buying long term care insurance if you live in Texas or really any state. Such insurance will help you stay protected against unforeseen events, as well as assure you a lifestyle continuity over the long run.