Why Get Long Term Care Insurance
Does Health Insurance Pay for Long Term Care? (Part 1 of 6)
In our experience in 20 years of doing this, one of the primary reasons why people don't take action and purchase long term care insurance is they have no prior experience. Somebody that has had a prior experience is already most likely, fully aware of the hourly cost of home care.
The daily cost of adult daycare, the monthly rental component of assisted living and the variable components of assisted living that can include prescriptions and meals. They probably may also know the daily costs associated with a private room in a nursing home or a semi-private room in a nursing home. Somebody that has had a prior experience with long term care already understands that if you have money, nothing pays for long term care.
One of the considerations of prior experience can be if there are multiple people or multiple family members that have to deliver care, sometimes, you know, there are people that work harder than others on that. There've been numerous surveys done where family members are asked, would you provide care or would you like to provide care? Almost universally? The answer is no.
Additionally, how do we perform in circumstances that we don't want to be in? And perhaps more importantly, aren't trained in. Many times, caregivers are forced to learn on the fly, to deliver care in circumstances that they didn't want to be in in the first place or that they're not trained for.
Some other concepts that people with prior experience probably already understand. If you have to deliver care with your siblings, delivering care in the same city can present its challenges. If the siblings are located in different cities, geography can present additional challenges. Get your questions answered on long term care and figure out how you can get out ahead of this issue. If you have any questions or topics you'd like me to cover in upcoming videos, please leave a comment below.