The Cambridge Dictionary defines Independence as the ability to live your life without being helped or influenced by other people. When it comes to having a chronic illness and requiring assistance with daily activities, independence is certainly a powerful concept.
Is it possible for your client to live independently while requiring long-term care?
Yes… as long as they plan ahead with a long-term care insurance policy.
Most people do not anticipate their health will decline. After all, many chronic health conditions come with an unexpected diagnosis. Although your clients can’t prevent illness from happening, they can plan for the high likelihood of needing long-term care assistance at some point in their lives. By planning for this eventuality, they are preserving their independence.
Read More: Who Is a Good Candidate for Long-Term Care Insurance?
3 Ways LTCI Can Provide Independence
1. Preference of Care Setting
In the event they require long-term care, most clients would prefer to age in place and receive care in the comfort of their own home. Long-term care insurance (LTCI) offers benefit dollars to pay a home health care agency, and some policies even offer a cash benefit that pays a family member or friend for caregiving assistance as well as caregiver training.
Without a plan, your client may end up reliant on Medicaid for their long-term care expenses. While Medicaid is a beneficial program for those that need assistance with long-term care expenses, your client will be dependent on available beds, services, and waiver programs in their area. Pre-planning with LTCI affords your client additional choices and greater independence.
2. Preservation of Assets
There is no doubt that LTCI preserves your client’s assets. Without an LTCI policy, your client will be dependent on their own funds to pay for their care, or they may be required to spend down these assets in order to achieve Medicaid eligibility. On the other hand, purchasing a long-term care insurance policy with state partnership protection allows your client to receive LTCI benefits while also preserving additional assets in the event they exhaust their LTCI benefits and pursue Medicaid benefits. There is no greater sign of independence than having control over one’s money.
3. Freedom for Loved Ones
Providing care for a loved one is difficult—emotionally, physically, and financially. An LTCI policy offers benefit dollars to supplement the care provided by your client’s family members and friends. Their loved ones can choose which care tasks they want to handle and transfer the more demanding roles to an agency. This gives the informal caregivers—your client’s loved ones—more freedom to continue working, traveling, and taking care of other obligations.
Are you looking for ways to start the long-term care conversation with your clients? Contact our team today!
