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Long Term Care Insurance: What is it exactly?

Long term care insurance: Who needs it anyway? Page #1

Long term care insurance: Who needs it anyway? Page #2

Selecting the Best Policy   Page #1

Getting the Right Policy #2

Necessary Features of Long Term Insurance Plans #3

Long Term Features Page #4

Web Site Map

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General Information and Referral-St. Louis, MO

Health Insurance 101 for Senior Citizens 

Long term care insurance: What is it really?

Medicare: How will it help me?

Nursing Homes: What critical information should I know?

Personal Safety for Grandma and Grandpa

Prescription Medication: You have to get it right

Social Security: Can I get it now?

Senior Housing Options

Senior Care Psychological Consulting




Long term care insurance: Who needs it anyway? 

Page #2

How do I know if I would be a good candidate for long-term care health insurance? 

Long-term care health insurance is a good buy for various individuals as described on the previous page.  Long-term care health insurance is also preferable for people who fall within the following categories: 

Those who are likely to need long-term care.  Although you can never be sure, you will have to make an educated guess if you will be an individual likely to eventually need long-term care. After the age of 60, the likelihood of needing a nursing home at some point in time is approximately 40%.  The average length of stay is about 2.5 years.  However, 45% of nursing home stays are for three months or less, with the majority being less than one year.  However, 10% of people who enter a nursing home are there for five years or more.  Another 30% of older individuals end up needing assisted-living care, or a significant amount of assistance at home. 

So, what does this actually tell you?  It means that at some point in time you or your loved one have a relatively high probability of eventually needing a nursing home, assisted living or homecare, but, for perhaps not for more than a year or two. 

You can also refine your probabilities of whether or not your loved one may need an expensive nursing home by considering their health and family history.  If they have a family history of sudden fatal heart attacks, then they may be less likely to need extended nursing home care then say a person who has a family history of Alzheimer's disease.  Are they a smoker?  Do they exercise?  How is their mother’s bone density?  All of these factors play a role in how much care an individual may need some day. 

Another factor in considering whether someone is a good candidate for long-term health insurance is; “Do they have a lot of family support, a wealth of local volunteers, and inexpensive services on which they can rely or do they live in a community with little in the way of social services?" If your mother lives near your sister, who is retired nurse with time on her hands, she is less apt to need nursing home care then a person who lives alone, far from family and other sources of social support. 

Those who have no plans of entering a continuing care retirement community. Continuing care retirement communities as they are referred to, usually charge large admission and monthly fees, but they usually provide almost all the care that will be necessary, from assisted-living to nursing home care.  Having long-term care health insurance would be redundant and not necessary in these circumstances. 

Also, See Selecting the Best Policy   Page #1

Some information from How to Care for Aging Parents by Virginia Morris 

Additional information and web page by Paul Susic M.A. Licensed Psychologist Ph.D. Candidate  Clinical Director- Senior Care Psychological Consulting

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