Most people think of long term care as something they’ll need when they’re elderly, but there are other times when a long term care policy can be of benefit to even those of us several years this side of retirement. Long term care policies have benefits that provide for more than just the care you get while in long term care, but so much more.
Since hospital stays are getting shorter and shorter, and insurances are less likely to cover caregivers for the longterm, many spouses and children are becoming the caregiver. A longterm care policy can be used to help provide for temporary services of a care giver or facility to give respite to family members, so stress doesn’t wear them out too. With respite, spouses and children get the opportunity to be just that, spouses and children rather than caregivers for periods of time off.
Speaking of health insurance, the way things change with our healthcare system, some of the things that are covered today may not be tomorrow, or vice versa. If something you are receiving today is a covered expense, and is not in the future, your long term care policy provides for alternate services, so you continue to get the care you need in the future. The flexibility of the policy is built in.
Once you become eligible for long term care benefits, you may worry about paying for little things in life but there is a cash benefit that allows you to receive a monthly check. This benefit gives you options and adds to your independence while you are receiving care. The cash benefit has no restrictions as to how it can be used, so whether you need to make sure your children can visit or pay for some unforeseen expense, it is your decision.
There are also other optional benefits you can choose to add onto your policy that provide added peace of mind and strengthen your ability to get the care you need. Depending upon the provider you choose, you can add your spouse for a shared benefit, add benefits for injuries and purchase a Return of Premium benefit. The choices are yours, and just like the choice to recover at home, long term care coverage is about making the best decisions for you.
Call an AC Financial Advisor to talk about the policy that is right for you at (800) 564-3136.
