Despite, or perhaps because of, the recent economic downturn, public interest in long term care insurance coverage is growing quietly and steadily. In fact, more than four million people held individual long-term care insurance policies at the end of December 2010..

The increased interest in long-term care insurance is due primarily to three factors: the evolution of these products, recognition of the limited alternatives for financing care, and a growing awareness on the part of consumers of the benefits of long-term care insurance as a means of protecting their assets and their health care choices.

Long-term care (LTC) insurance policies have become far more flexible over recent years. Older policies often covered only nursing home care. Most policies today allow the insured to receive care at home, in an assisted living facility, in a nursing home or in an adult day care center.

Most policies today offer benefits when a person becomes unable to perform two out of six activities of daily living (such as bathing, dressing, toileting, or eating) or when they need assistance due to severe memory loss or dementia. There are new benefits available that will pay for modifications to your home and even for family members to provide care.

There is a growing awareness of the limited options available through our government. For example, Medicare typically covers only certain types of care for a limited period of time, leaving most long-term care costs uncovered. Medicaid, the state assistance program, requires people to spend down their assets to state required levels to qualify. Additionally, Medicaid primarily pays for care received in a nursing facility, not in your home. Care through the Veteran's Administration is limited and available based on a priority-based system with those who have a service-connected disability receiving first priority.

With more than 25 million adult caregivers in the U.S. today, many people are experiencing long-term care needs within their own families. These families have seen the financial, physical, and emotional impact of this caregiving. Those who are paying for services themselves are seeing the impact of these costs on their family's financial foundation. Those who are providing the care are realizing the increased stress, fatigue, and impact on the other family members.

While insurance premiums are not insignificant, no one regrets having car insurance, home insurance, or flood insurance when there is accident or storm damage. Even those without damage are thankful that they have the coverage. The benefits available with any insurance are always far greater than the annual premiums paid. This is also true for long-term care policies. A person who pays premiums for 20 years will pay far less in premiums than they would pay if they need less than one year of care at today's cost. Some new features give the additional flexibility to let a single policy be used by more than one family member which gives even more flexibility to the coverage.

A long-term care need affects the entire family. If you are helping your parents, make sure you understand their future wants and desires. If you are a couple planning for your own long-term care needs, think through your own priorities and those of your children. This is a family issue. Family members will do all they can to provide care but the needs can become greater than what the family can handle.

If you decide to explore insurance coverage, work with an experienced advisor who will assess your situation and make recommendations appropriate to your financial situation and to your desires for when care is needed. Look at the various insurance carriers and their financial strengths and stability in addition to their years of experience in the long-term care insurance market. Standard and Poors, Moody's and A.M. Best provide ratings for most long term care insurance carriers.

For further information, contact Betty at 828.225.9585 

or visit her at  http://www.BettyDollLTC.com/