1% of the US population lives in a long term care facility, yet nearly 40% of all COVID deaths occurred in a long term care facility. As a result, family members are choosing to take care of their loved ones at home. Long term care facility occupancy rates have plummeted, the industry as a whole in deep financial trouble. Adding to the financial troubles of long term care facilities are the recent Medicare changes, forcing nursing homes to send patients home more quickly.
With the near demise of nursing homes comes the fact that more people will receive the care they need at home. Who will provide the care? Will the spouse or child provide such care, or will they hire a professional? How will such care be paid for?
The vast majority of us want to stay at home and age in place. Even before the pandemic hit most care was already given at home. Nearly 70% family caregivers recently responded in a survey that they plan to use in-home care as opposed to facility care.
Long term care insurance (LTC) can help pay for the cost of caring for a loved one, whether at home or in a facility. As important as life insurance and health insurance, LTC insurance can play a vital role in overall financial well being.