Aside from being Mental Health Awareness Month, May will also celebrate National Nursing Home Week (from the 9th to the 15th). As part of commemorating the importance of nursing homes, we have created a list of why long term care insurance plays a big part for these special and crucial care centers for the elderly. Read on to find out the 4 major benefits that nursing homes gain from LTC insurance plans.
Contributes to Seniors to Gain Access to Nursing Homes
According to a long term care research done by the Georgetown University, statistically, 70 percent of 65 years old and above of the elderly will need care and support in nursing homes. Gaining access to a nursing home may prove to be a hurdle too high to jump for most since not all nursing homes will not accept Medicaid for payment. This is where long term care insurance truly shines, by providing not only entry to a care and support center – policy holders are more likely to receive more benefits than other seniors who opted to pay for support by out-of-pocket or alternative methods.
Additionally, gaining access to nursing homes will not only give policy holders the medical attention and support that they deserve. Breaking apart the image of nursing homes as sad or places devoid of happiness, nursing and care facilities actually provide expert elderly assistance with various and fun activities (from physical such as sports tournaments; to educational and recreational such as gardening and video screenings). Such programs are highlights for seniors and their families – just the thought of knowing that your parent (or loved one) is spending their retirement years with the best support and fun available can bring satisfaction and comfort.
Contributes to the Treatment of Elderly Mental Health Conditions
More importantly, a long term care insurance policy tackles one of the gravest conditions that the elderly face: dementia. Mental health disorders like Alzheimer’s is a rising threat in the country, with approximately 5 million Americans diagnosed with the condition. According to a study conducted by The Alzheimer’s Association, it is expected that more people will be diagnosed with the disease, with a projected figure of 16 million Americans by the year 2050.
Knowing this, elderly and their loved ones can start applying as early as now for coverage for long term care for a safe and sound decision to plan for the future. Seeking for the right policy to perfectly fit a person’s interest will help on finding the right nursing home centers and resources as well. Also, a long term care insurance has another positive side effect when it comes to mental health conditions – aside from creating the steps to prepare and secure a future to face dementia, LTCI also helps in creating public awareness of mental health disorders, prompting interest and possible developments to help combat and treat said conditions.
Contributes to Savings
Related to the first point above (with Medicaid as an alternative payment method for long term care in nursing homes), insurance for long term care allows potential policy holders to properly manage their budget for their retirement years. As noted in a previous article, LTCI policy holders can save up to $3,000 to $5,000 medical expenses per month. The significant amount of cash that can be saved will allow policy holders to maximize the use of their hard-earned money.
Also, long term care insurance plans have optional riders to allow policy holders to make sure that their investment is protected. A good example is an inflation rider, which allows your investment to be protected from volatile rising (and or drops) of dollar value during the actual use of your policy.
Contributes to the Care for Caregivers
Another important yet often overlooked contribution that long term care insurance offers for nursing homes is the support it gives to caregivers. Nursing and caregiving staff members encounter various levels of stress. From having to deal with long hours of work with residents to the emotional attachments invested in dealing with the elderly, and of course, trying to keep a work/life balance, can have traumatic repercussions. A long term care insurance policy can help lessen the burden for hardworking caregivers. By having the means to pay for medical expenses and giving access to care resources (whether it be for nursing home programs or a larger pool of medical specialists to help out on treatment or maintenance of a policy holder’s condition or circumstances) that a resident needs can mean a lot for caregivers. By caring for those who care for the residents, long term care insurance can help strengthen and keep the LTC industry to develop through the years.
We hope a wonderful and productive National Nursing Homes Week for everyone. Plan early for your retirement years (whether this may be for nursing homes or in-home care) by getting a long term care insurance quote.
References:
http://www.investopedia.com/articles/pf/05/031705.asp rnhttp://ltcga.comrnhttp://finance.yahoo.com/news/ask-stacy-buy-long-term-161534419.html rnhttp://www.financial-planning.com/news/get-clients-on-board-with-long-term-care-insurance rnhttp://www.wsj.com/news/articles/SB10001424052702304756104579449482245063704 rnhttp://www.alz.org/facts/