Why Do We Need Long Term Care Coverage?
Even the best laid financial plans can be derailed by unforeseen challenges. Healthcare – particularly long term healthcare – can be among the biggest.
According to the U.S. Department of Health and Human Services (HHS), at least 70 percent of people over age 65 will require some long term care services at some point in their lives due to diseases, disabling chronic conditions, injury, developmental disabilities, and severe mental illness and at least 10% of them will require stays in long-term care facilities for over 5 years.
Nearly 41% of long term care is provided to people under age 65 who need help taking care of themselves due to diseases, disabling chronic conditions, injury, developmental disabilities, and severe mental illness.
Who Needs Long Term Care?
Anyone can need long term care at any time in their life. Automobile and sporting accidents; disabling events such as strokes, brain tumors, and spinal cord injuries; and disabling illnesses such as multiple sclerosis and Parkinson's disease are examples of injuries and ailments that can happen to anyone at any age.
Long term care is care that you need if you can no longer perform everyday tasks called activities of daily living such as bathing, dressing, toileting, transferring, continence, and eating by yourself due to a chronic illness, injury, disability or the aging process. Long term care also includes the supervision you might need due to a severe cognitive impairment such as Alzheimer's Disease.
This type of care is not intended to cure you. It is chronic care that you might need for the rest of your life. You can receive long term care in your own home, a nursing home or another long term care facility, such as an assisted living facility.