The heartbreaking photo of an elderly couple in Canada separated by the health care system after 62 years of marriage rapidly made its way around the world this past week — and it has staying power because of the questions it raises.
How might we best protect our own health wishes as we get older — and as we need advanced care?
Related: Split Apart by Socialized Medicine
“When I first got into insurance, that was one of the first things I told my parents to do — purchase a long-term care (LTC) insurance plan,” said Beth DeLaForest, an independent insurance agent from Eden Prairie, Minnesota.
DeLaForest doesn’t offer LTC plans through her business, but she believes in the peace of mind they offer families, she said.
“You can ultimately better dictate your care. You might have someone come into your home to care for you — versus what the parameters of the health care system offer. To be able to stay home [as you age] adds to your quality of life,” said DeLaForest.
That is the goal of LTC insurance. Several other plans such as Linked Benefit, Whole Life, or Universal Life chassis are also designed for long-term care, or an annuity specifically designed for LTC, insurance specialists told LifeZette.
The average cost of LTC in the U.S. stands at about $205 a day or $6,235 per month in a semi-private room in a private nursing home.
Why might you want insurance for long-term care?
On average, a semi-private room in a private nursing home in the U.S. currently costs about $205 per day or $6,235 per month. The average expense for a private room in a private nursing home is $6,965, according to Gintas Garsys, a Midwest insurance broker. An assisted living facility that requires LTC costs an average of $3,293 per month.
“The most important thing any person can do is take the potential for a long-term care claim seriously, and it’s important to do this while you’re younger to keep the costs down,” Garsys said.
Yet the cost of LTC is skyrocketing right now, leaving many who have paid into an insurer — for years — unable to afford the new premiums. Insurers say the price hikes are to adjust for a population that’s living longer and with more specialized health care needs.
[lz_ndn video=31314765]
Policies aren’t cheap, Garsys acknowledged. On average, premiums can run between $2,500 and $4,000 annually, and that can be for a very basic policy for a couple.
But having the insurance should offer you the power of choice when you do need more involved health care.
Families should also establish a medical power of attorney, he added, plus a living will and a plan for care in the event a family member does go into a nursing home or assisted living. “You want to coordinate with your financial planner, your insurance agent, whoever you have involved — you want to have a full plan in place,” Garsys said. “You don’t want to be put into a bad situation when you get to that point where you’re in a facility where you’re not happy or they’re understaffed — but you’re there because that’s what you can afford.”
[lz_bulleted_list title=”Long-Term Care Insurance”]Look for the letters CLTC in order to be associated with an agent who specializes in long-term care insurance. A nationwide database can be found at aaltci.org along with other resources, articles, and information.[/lz_bulleted_list]
Find someone in your area who is reputable, do your research, and at least have a conversation, said Dutch Koop, an LTC consultant in the Minneapolis-St. Paul area.
“Medicare, Medicaid, health insurance — most families find out what these plans won’t cover when it’s too late to do anything about it,” said Koop. “And then the dynamics within the family get jeopardized because long-term care does not bring families together. It has a serious effect on the financial situation of families, especially those who aren’t getting care. The surviving spouse ends up being the one who suffers.”
[lz_ndn video=30467935]
Update: The pair has now been reunited as of late September 2016 and are happily together again.
Join the Discussion
Comments are currently closed.