In a recent survey, 50% of doctors working inUKhospitals blamed local councils for making it harder for older people to access home help, forcing them to stay in hospitals unnecessarily. Recent cuts to social services budgets are allegedly exacerbating the problem. Restriction of access to social care has left older people who have been unwell trapped in hospitals because they cannot afford to return to living independently at home.
Long term care
According to Harvard Magazine, women live an average of 81.2 years and men live an average of 76.1 years. Because the averageUKcitizen is living longer, this increases the likelihood of one needing long term care at some point during their life. Diseases such as Alzheimer's, dementia, obesity, diabetes, stroke, heart problems, cancer, bone fractures and Parkinson's disease may also create the need for long term care services.
Long term care plans
Long term care insurance is available for people who potentially may require long term care. This policy typically covers such things as nursing homes and adult day care but can also cover home care and assisted living. Government programs may cover your nursing home care while all other health insurance programs will only cover your care for a short time (less than 100 days). If you need long term care, you will probably need to pay for it out of your own savings or have your children pay for you.
There are four major reasons why you should buy long term care insurance before you’re 65:
- To maintain your independence (so you don’t need to rely on your family members)
- To protect your assets (by making long term care services affordable)
- To be able to choose between more options than just nursing home care
- To preserve your standard of living
If you’re over 65, the chances of your needing long term care someday are about 68%. Besides 37% of those already receiving long term care are under 65. The average cost of home care aid adds up to thousands of pounds a month. That’s why buying a long term care plan can be an affordable alternative to using your savings to pay for care.
Read more about home care at Paying for Care