6 Things You Did not Know About Long Term Care Insurance

When you think about the long term care insurance, what comes to mind?

Unfortunately, some people have some misconceptions or have an unfavorable view of the long term care insurance, largely due to problems in its infancy. But that was then. Today, there are more options on simple solutions and flexible long-term care. Let's take a look.

1. You decide which care is received. One of the most common myths is that the long-term care insurance provides nursing home care, and nothing is further from the truth. It provides home care for those who prefer to "age in itself," as well as care for adult day care, assisted living facilities and hospices. In fact, the insurance claims of most recently opened long-term care is home care, according to the American Association for Long Term Care Insurance (AALTCI).

2. The benefits can be extremely flexible. In addition to the options for where the treatment is received, most long-term care insurance policies offer greater flexibility in the types of services available, such as home modifications such as installing grab bars or a ramp to help you stay home longer and safer; or other products related to personal care and supplies, such as a chair lift or hospital bed.

3. It supports family caregivers. long-term care insurance recognizes the important role of family caregivers play in long term care situations by offering options that can make it easier for families to take care of those who took care of them . Most policies offer training for caregivers of the family, which helps ensure care recipients receive the best possible care. Other policies go the extra mile recognizing caregivers, family and even friends who provide care, such as caregivers, making their time and services payable under the policy.

4. It provides shareability for couples. Many long-term care insurance policies offer optional coverage commonly called "shared care", which allows couples to share their coverage and maximize their benefits. Here's how it works: if a spouse exhausts its benefits, he or she can begin to use the benefits of the other spouse. This provides couples with the peace of mind knowing that their coverage will be there if care is needed for longer than expected. It also generally includes built-in protection to ensure a surviving spouse can still receive long-term care insurance benefits.

5. It is not "just for the elderly." While it is an essential part of retirement planning and significant protection for your later years, the younger you are when you apply for insurance for long term care, the better. Age and health are two of the most important factors in the application, so the application at a younger age will help make it more affordable, and you are probably more insurable in a health perspective. In addition, accidents and illnesses can occur at any age and understand the need for extensive personal care. Planning can really pay.

6. Long-term care insurance companies paid $ 7.8 billion in benefits last year. According AALTCI, carriers paid a record $ 7.8 billion claim for benefits to 250,000 people in 2014, against $ 7.5 billion the previous year. You can interpret this number in two ways: People are living longer and more care is needed, or the cost of care is increasing, which are both true. But it also shows that the assurance of long-term care works. It is to help families provide care for their loved ones in a setting they prefer and protect their finances.

I encourage you to learn more about long term care insurance and why it is an essential element of retirement planning. Ask your financial advisor about this and other features and how it helped their customers as it has helped 250,000 families last year.

You can also find this Real Life Stories video on Mollicone family, who did a great job of showing how the assurance of long-term care can protect the family finances, ensuring peace of mind and mitigate the impact of long-term care when it is needed.