Who Benefits Most From Long Term Care Insurance?

Author: Duane Lipham, CLTC

There are many misconceptions about long term care insurance(LTCi), and one of the notions that is often at odds with reality is that the person who receives care from the policy will benefit most from it. Of course, if a person is single and has no other family or friends to help provide care in the event that a long term illness should arise, then no doubt they will benefit most from the policy.

But in most cases, an investment is made in LTCi by folks who do have family and/or friends that conceivably could provide at least some level of care if needed. And in these cases, an argument could be made that those who will benefit most are the loved ones who are not suddenly and unexpectedly thrust into the role of caregiver with very little training and preparation.

Being a caregiver can be a demanding and difficult experience at best for most people. Unfortunately, nothing quite prepares us for having to care for the needs of another grown adult when they are no longer capable of doing so for themselves, if we have not already been trained for such a situation.

According to a 1999 report from the National Council On Aging, 80% of all long term care is provided by family members, two-thirds of whom may still be working either full or part-time. A 2003 survey of informal care by the National Alliance for Caregiving revealed that 62% of the caregivers are married, 41% still have children under 18 at home, 67% reported providing care between 8 and 20 hours each week, the average length of caregiving is 4.5 years, and 73% of caregivers listed prayer as the best way to cope with the stress and sadness while providing care.

Statistics on the effect that providing long term care can have on caregivers show that in many cases the caregivers eventually become almost as sick as those that they have been caring for, and many never fully recover from the effects of such devoted care.

In view of this, doesn't it make sense that those that can afford to provide for their own care financially, make an effort to do so, if for no other reason than out of love and concern for those around them that they care for most?

LTCi then helps make sure that there are enough funds available to avoid placing an undue burden on any one person or group of loved ones or friends. It enables you to be able to continue to enjoy the time you spend in their company, and they can enjoy visiting with you without having the extra pressure and stress that being a caregiver brings with it.