Safeguarding the Caregiver With LTCI

Women have long been known as the guardians of the family, supervising the health and well-being of their children and spouses, and for those who are members of the "sandwich generation" elderly parents as well. But what happens when the caregiver needs care?

For many families, this not only creates an emotional crisis but financial. Medical costs have led to about 50 percent of bankruptcy filings in the United States, according to Health Affairs Journal. As for long-term care, an estimated 75 percent of people 65 and older will eventually need long-term care, while women face a 50 percent greater chance than men to enter a retirement home after 65 years

Combine that with the increase in overall life expectancy for both sexes and statistics reflecting that women live longer than men in five years, and it is not surprising that the insurance long term care has grown from the baby-boomers, especially among female consumers. According to a new study published by the American Association for Long-Term Care Insurance, life insurance policies of sales with long term care benefits increased by 79 percent for large companies' insurance industry, with women responsible for 60 percent of these purchases.

long-term care insurance protects against financial risk posed by the possible need for long term care or in a nursing home or at home. It comes into play when, following a chronic illness or disability, a person needs long-term care for an extended period of time. While Medicare or Medicare will cover doctor and hospital bills, according to the chosen policy, the assurance of long-term care will pay for a wide range of services and procedures, ranging from man and middle guard. This has become increasingly important as the cost of care increases, with current figures putting average full-time at the nursing home at $ 69,000 to $ 78,000 per year, while eight-hour health care home can cost $ 43,000 to $ 70,000 per year.

And it's not just the elderly who need such coverage. Accident or a debilitating illness at any age can lead to a need for care, with estimates indicating that 40 percent of patients receiving long term care are under 65

For example, one of realLIFEstories is Barry Shore, a real estate executive who, at age 55, was diagnosed with Guillain-Barre syndrome. Fortunately, Shore and his wife had already bought both disability and long term care policies of insurance, which together have replaced more than half his previous income and provided funding for home care and therapies not covered by his medical insurance.

And for women who are on their own with no family member available to provide care after a health crisis, long-term care policies offer the peace of mind that their needs will satisfied with the standard of care they wish.

The LIFE Foundation recommends that consumers, men and women, ask several important questions when considering to purchase long term care insurance.

Where can I get long-term care coverage? Over 100 companies now offer coverage, usually available through groups (typically employers) and individuals.

What types of long term care policies? most are "costs" policy (the insured is reimbursed for actual expenses for services received up to a fixed amount per day, week or month), while some are "compensation" (pay to a fixed benefit amount regardless of what the insured passes). "Integrated policies" or policies with "common benefits" provide a total amount which can be used for different types of long term care services. life insurance policies with long-term care benefits will, in certain circumstances, pay a portion of the benefit of life insurance to the insured for long-term care services instead of the beneficiary death of the insured.

What will be the cost of the premium? This depends on many factors, including the age of the insured, the State, the level of benefits and the length of time until the start of benefits. LIFE recommends consulting a representative of a long-term care insurance, an insurance agent or financial advisor for specific cost and coverage information.

For more information on long-term care policies and downloadable Guide AHIP long term care insurance, click here.