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Long Term Care Insurance – What It’s NOT

I find that the greater a person’s understanding is about exactly what long term care insurance can and cannot do, the more likely they are to clearly see its benefits.

Long term care (LTC) insurance pays a monetary amount for covered care when the insured either needs assistance with defined activities of daily living and/or has met the policy’s definition of cognitive impairment.

The essence of LTC insurance, like all other types of insurance I can think of, is that it provides money. That money protects the insured against financial loss. No more, no less.

Long term care insurance doesn’t necessarily make all the problems of needing caregiving go away. However, it can provide a pile of money in order to better handle some (if not all) of the related problems.

For example, imagine a family where a mother or father has a complicated relationship with one or even several of their adult children. If that parent needs care, the complicated relationship doesn’t go away…if anything, it makes the caregiving challenge even more complex and difficult. However, the presence of a long term care insurance policy can mitigate the financial stress of the situation, providing relief to all involved.

The need for long term care is right up there with some of the major disrupters experienced in life. Whether a good disrupter or a bad one, the scenarios listed here can be stressful for all involved:

  •     Relocating/moving
  •     A new baby
  •     Disability of a loved one
  •     Death of a loved one
  •     Long term care need

There’s a saying that has been attributed to a variety of people:“Pain is inevitable. Suffering is optional.”

Long term care, like so many other life changes, is disruptive and painful; however, a long term care insurance policy can do a lot to ameliorate the situation by bringing significant financial relief at the time care is needed:

  •     Relief so that families don’t have to quickly consider liquidating assets.
  •     Relief so that relatives don’t have to stress over who will pay the bill, month after month.
  •     When relief is available, it’s easier to not suffer. Not have to think “if only,” or “I wish.”

No, long term care insurance doesn’t solve all the problems of a long term care need. Just the problem of how to pay for it. And what a relief that is!

Please don’t hesitate to reach out to discuss any aspect of long term care planning or long term care insurance you might need more information about. Baygroup Insurance can be contacted at http://www.baygroupinsurance.com/forms/contact-us or call us at 410-557-7907 for more information.