Catastrophic Home Care and Long-Term Care are the same terms. These are the living assistance disability insurance. So, if you come across the term catastrophic Disability Income Protection Insurance, Catastrophic Home Care or Long-Term Care, then you should consider them same as these are different names of the one product. Now, the question is what all these can do for you? Right?
So, Long-Term Care Insurance provides living assistance when you are disabled. For example, you suddenly meet an accident or get seriously sick (for example a stroke, dementia or early Alzheimer’s), oftentimes you would need additional care. You would need someone to help you in dressing, toileting, bathing or eating etc. You will be dependent on someone most of the time. The person can be either your family member or a paid caregiver to look after you if you don’t have a family member. It will be very hard for you to keep caregivers for a long time if you do not have enough resources. The other issue is whether your family will have the ability to care for you on an ongoing basis?
Therefore, you will need a financial backup for these types of situations. Long-term care Insurance can help you and your family members when you are seriously injured by an accident or become sick which results in having a full-time caregiver. Long-term Care Insurance supports you financially and take care of the expenses you occur during this hard time. Once you purchase Long-term care insurance, you will never be a burden on your daughter, spouse or on any other family member. Who can be suffered either mentally or financially as well for taking care of you when you are unable to move.
Another big reason why people buy Long-term Care Insurance is the asset protection. Let’s suppose you met an accident, and you are seriously injured. You need a caregiver for 10 hours a day. The minimum you have to is $15 per hour.
→ So, 10 hours x $15 = $150 a day
→ $150 x 30 Days = $4,500 a month
→ $4,500 x 12 months = 54,000 a year
By the above illustration, you can see how quickly the numbers go up? It’s shocking but its true that having a caregiver is very expensive. So, you should definitely consider Long-term Care Insurance to protect your assets and free your relatives.
Also, there is misconception that Medicare will protect you and provide all the living assistance when you become disabled. Sadly, it’s not true because Medicare is limited to some extent only as Medical Insurance. They only cover the ‘acute cure’ like therapy etc. However, if you don’t recover from the therapy, then the Medicare will not cover you, and you will be discharged. While Long-term Care Insurance will cover you for the professional caregiver if you need one.
Video – Why Long-Term Care Insurance?
Plan for Care - Video
So, what are you waiting for? Contact Insure Your Future Today!
Rene Apack, CEO of the Inure Your Future is ready to help. He is a professional disability insurance broker with 18 years of experience will help you understand the coverage and limitations of your current insurance policies held such as Medicare, Medigap Insurance (also known as Medicare Supplemental Insurance), Medicaid, or other similar policies for living assistance help. Give us a call today at +1 (800) 788-8921 or send us an email here.