Is Your Family Protected?

Is your family protected? The first myth of Long Term Care Insurance is that it is for you. Wrong! Long Term Care Insurance, much like Life Insurance, is for your loved-ones.

Let's face it: if you have any family or friends at all, then you will receive Long Term Care when you need it. The question is how much will it cost your family or friends to provide Long Term Care for you?

According to a National Center of Health Statistics study in 2007, only 15% of Long Term Care is nursing home care and only 8% is provided in an assisted living setting. This means that approximately 77% of Long Term Care is either home health care or adult day care where the primary caregiver is usually a family member.

This situation places heavy financial and emotional burdens on today's families because many are two-income families, are geographically separated from those needing care, and may be needing to help multiple generations at the same time.

Traditionally caregivers have been female, but today many work outside the home. The price of helping you could easily be their loss of income. According to one study, employees whose family members have Long Term Care Insurance are twice as likely to stay on the job.

In today's society, children can live hundreds or even thousands of miles away -- making it impossible for them to help. Also, a study on caregivers' responsibilities revealed that approximately 23% provide Long Term Care for two persons and 8% provide Long Term Care for three or more persons.

A couple of final considerations are that rarely do family or friends have professional medical training and that your Long Term Care is an imposition on your loved-ones that robs you of your personal dignity and independence.