By Clark Farley, Nationwide Insurance Agent, Columbia
Have you ever thought about what you would do if you were to start needing help with your care? Many people think of long-term care (LTC) as spending their last days in a nursing home; but things have changed, and today we find that the majority of LTC claims are for people receiving care at home 1.
It is important to think about these things now so you can prepare to fund the costs. Try to picture your ideal situation for receiving care. As studies show, for the majority of people that means staying in their own home as long as possible2 You also need to picture who you would want to care for you. Maybe you have a daughter who would care for you, but she needs to keep working. What if you could pay her so she could care for you without financial sacrifice?
Yet, not all people want family members to take care of them. Maybe you would prefer to have a professional home health care aid, or possibly a less expensive non-licensed caregiver? Being able to hire informal (unlicensed) caregivers can save money and stretch your dollars farther.
Perhaps you picture the ability to still travel with the help of a care companion.
Whatever your plans and goals are, they will come at a cost. If you have a spouse, you will want to make sure that care expenses won’t eat into income and assets needed for that spouse to continue living on. And if you have loved ones (or a charity) you want to leave a legacy to, planning for funds to pay for your care will help make sure there is something left for them.
That’s were Nationwide can help. There are many LTC policies out there that will not pay for unlicensed informal or family caregivers. However, Nationwide offers LTC solutions with cash indemnity benefits. That means there are no restrictions placed on how you use your monthly LTC benefits. So whatever your LTC plan is, once your claim is properly verified3, you can use your monthly LTC benefits as you wish. In addition, all Nationwide LTC solutions pay a benefit at least equal to or more than the premium you paid whether you use your LTC benefits or not, so there is no “use it or lose it” concerns.
Whether “home sweet home” is your LTC goal, or something more imaginative, the resources offered by Nationwide can help you plan funding for the picture you have in mind, and perhaps more importantly, things you may not have anticipated.
For further information on long-term care, please go to the Nationwide LTC information site at www.nationwide.com/cps/ltcbasics.htm
1 The American Association of Long Term Care Insurance – AALTCI Sourcebook 2015-2016
2 Health Care and Long-term Care Study, presented by Nielsen for Nationwide, Nov. 2015.
3 To qualify for a LTC claim, the insured must be certified by a U.S. licensed health care practitioner to have server cognitive impairment, or, the inability to perform 2 or of 6 activities of daily living (ADLs) for 90 days or more. In addition, all policy claim requirements must be met.
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