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Long-Term Care Insurance Coverage Isn't Just for Nursing Homes

When people think about long-term care, the first image that comes to mind is of an elderly person sitting alone in a dreary nursing facility. Since long-term care insurance began as nursing home insurance four decades ago, people's preconceptions about what long-term care entails and their impressions of the most common care facilities are comprehensible. It has, however, evolved into a far more versatile option that allows you to receive care in a variety of situations.

Most of us desire to be able to grow old in our own homes, surrounded by our loved ones and our favourite things. In fact, 90 percent of seniors who require long-term care receive help at home or in another community setting.

Most long-term care insurance policies allow you to transition to a nursing home if your needs change over time, and some may even give you with support during the transition. Because you can't forecast what kind of care you'll need in the future, it's critical to have the freedom to choose the environment that best meets your needs at each given time.

Many long-term care insurance available now provide you the option of receiving care where you want it, including:

• At home, with the assistance of a home health attendant or, in certain situations, a family member or friend for everyday duties. • In the community, such as adult day care services • In an assisted living facility, where you can get transportation and meal assistance. • If you require round-the-clock care, consider a nursing home.

Depending on how much support you require, each of these alternatives provides a different level of care. The most common and desired choice is to get care at home, and some policies even include benefits that let you to make home improvements to help you stay at home longer. Home care policies allow you to obtain care from a professional or, if informal care is covered, a friend or family member.

While most individuals hope they will never need long-term care, the truth is that more than half of all Americans will require it when they reach the age of 65. Women are at an even higher risk, owing to their proclivity for living longer. The prospect of not being able to care for yourself can be frightening, and devising a care plan can be much more so. However, it's important not to put off long-term care planning because your age and health affect whether you qualify for insurance and how much you'll pay for it.

You'll have peace of mind knowing that you've taken the steps to help shield your family from the financial and emotional burden of a long-term care event if you include long-term care in your retirement planning. Take the time to investigate your alternatives, determine how much coverage you require based on projected expenses, and design a plan that allows you to pick where and how you receive care. If you require additional information, please contact a New York Life representative to learn more about our products.

New York Life Insurance Company's Barry J. Bruno, CLU, ChFC, Agent (CA Insurance Lic. #OB65966) and Daniel D. Bruno, Agent (CA Insurance Lic. #4097332) offer this third-party article. Please contact Barry or Dan at Bruno Bruno Financial Services LLC at 518-587-9295 or email: barry@brunofs.com or dan@brunofs.com for more information on the topics covered. New York Life Insurance Company does not own or operate Bruno Bruno Financial Services LLC.

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