BIG QUESTIONS ANSWERED BY LONG TERM CARE INSURANCE

When all is said and done, people own LTCI, to protect the people they care about. It is very much like Life Insurance. We don’t buy Life Insurance for ourselves, we buy it to protect our loved ones. It is the same thing with Long Term Care Insurance. The person who is disabled is not the one with the bigger problem. It is everyone who loves that person who are faced with the problems:

• Where are the funds going to come from to pay for the care?
• How long will the funds last?
• Should the care take place at home or in a facility?
• What are the best facilities?
• How do I find a home caregiver?
• Which family member is going to manage all this?
  
  

All of these problems can be alleviated by owning Long Term Care Insurance, which will provide a pool of money that a person can draw from, instead of having to use their own assets. LTCI can cover the entire disability, or it can take care of a portion of it, depending on how you design the policy.

Most Long Term Care companies will provide you with a Care Coordinator who is familiar with the services in your area. They will help you find caregivers; they will work with your family to determine if home care is a more viable solution then a Nursing Home; they will work with your doctor to help design a plan of care; basically they will act as your advocate to make sure that you are receiving the proper care in the proper setting.

While they are acting in your best interest, you do not have to take their recommendations. Where you receive care is up to you, your family and your doctor. A Care Coordinator allows your children to be there for you, but doesn’t require them to be facilitators of your care.