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  • Writer's pictureMike Riska

Why Long-Term Care is a Must-Have for Many

November is National Long-Term Care Awareness Month! Did you know that according to the U.S. Department of Health and Human Services, almost 70% of people turning 65 today will need some level of long-term care and support? To cover these costs, it's essential to have long-term care insurance. Here's a look at why long-term care is a must for many individuals and how long-term care insurance can help.

What Is Long-Term Care?

Long-term care includes personal and medical services provided at home or in a facility. These services become necessary when individuals can no longer care for themselves independently.

For instance, long-term care insurance provides assistance to those who need help with daily activities, including eating, bathing, and dressing. It also covers the chronically ill or disabled who need assistance with transfers from bed to chair or from chair to bed.

The Costs of Long-Term Care

Long-term care costs can amount to six figures per year or more, yet many middle-income adults are unprepared for this expense. If they don't have long-term care insurance, they may have to exhaust their savings to meet the financial threshold for Medicaid eligibility.

In some cases, family members may step in to provide unpaid care, which can cause a significant emotional and financial toll on caregivers. Meanwhile, the recipients of unpaid care may end up feeling like a burden on their families.

How Long-Term Care Insurance Can Help

Long-term care insurance is one of the many voluntary benefits offered by employers. Employers may choose to pay part or all basic long-term care coverage costs. Often, employees can also choose to purchase additional protection for greater peace of mind.

At The Voluntary Benefits Shop, we help employers decide on the voluntary benefits that work best for their organization. Sometimes, employers choose a hybrid long-term care plan, bundling long-term care with life insurance benefits. Feel free to talk to our experts to determine the best solution for your needs.

Prepare for the Future with Long-Term Care Insurance

No one likes to think about the possibility of needing long-term care, but it's important to do so. Long-term care insurance will help take care of you should circumstances prevent you from living independently.

If you're in your 60s or older, you will likely need some assistance with your daily activities at some point in your life. If this happens, long-term care insurance will ensure that resources are available when needed the most.

With the increasing costs of healthcare, it is important that you have some sort of long-term plan in place. Tapping into employer-sponsored voluntary benefits is the smartest way to be prepared. Contact us at The Voluntary Benefits Shop to get started offering long-term care benefits for your employees.

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