In the old days the family had multiple generations living next to each other or less than a mile down the road.
Today, with the ease of travel and jobs taking children far from home the family is cities and even states away from each other.
Before, the family was close enough to take care of each other as they aged, became more frail and could not fully take care of themselves.
Now, becuase of distance the busy lives the older generation is finding itself alone and needing care when they cannot fully take care of themselves - this is why Long Term Care Insurance was developed.
So if your family is closeby and still actively interact - you don't need to purchase Long Term Care Insurance. Everyone else is probably shopping and find the cost rises significantly as you age so don't take too long contemplating the decision.
The triggers to make a Long Term Care plan kick in to pay benefits are:
- Personal Hygiene - Bathing, Grooming and Oral Care
- Dressing - the ability to make appropriate clothing decisions and physcally dress yourself
- Eating - the ability to feed yourself though not necessarily to prepare food
- Manitaining Continence - Both the physical and mental ability to use a restroom
- Transferring - Moving yourself from a seated to standing position and get in and out of bed
- Memory Care and Stimulation - Alzheimer's and Dementia
It normally takes the need for assistance with two of these to trigger a Long Term Care plan to pay benefits - However, alzheimer's or dementia will trigger the plan to pay all by themselves.
With care in a Long Term Care facility or even having someone come into your home to help costing so much - Long Term Care insurance has its place in your financial portfolio.
What amazes me is how many people cannot purchase it when they start shopping because they have already developed risk factors that keep them from being eligible to make the purchase.
Don't wait until you think you will need it to purchase it - it does not work that way!
I will need some health information and other information about your ideas about Long Term care before I can present a plan that suits your needs and wants.