Long Term Care
At some point in your life, you may lose the ability to care for yourself and will need to enter a long term care facility or receive care at home. This type of care is not always covered by the government, and can be very costly. Consider that just having a therapist come to your home once a day for an hour can cost over $1,000 a month.
Long term care is the help you need when you can no longer care for yourself and become functionally dependent. In long term care terms, “functionally dependent” means, in part, that you require substantial assistance to perform two of the six Activities of Daily Living or substantial supervision because of a cognitive impairment such as Alzheimer’s. The six Activities of Daily Living are bathing: eating; dressing; toileting; transferring; and maintaining continence.
Long term care insurance helps cover the costs associated with being in a long term care facility or needing special medical homecare. Instead of depleting your savings or relying on your family to provide care you can remain financially independent by having a long term care policy in place.