People need long term care when they start becoming frail due to age related disabilities, while other conditions that demand long term care are not age related. At such a point, one needs assistance with daily living in activities such as bathing, eating, and even taking medication. An aftermath of chronic conditions such as stroke, arthritis or a severe fall will demand long term care, especially in the elderly. However, for one to receive this care, they require sufficient long term care planning before the need arises.
Long term care can take two main different forms, where the first is getting living assistance at home, and the other is getting assistance in a care home, and the choice of either depends on one’s health condition and overall findings from a social worker. Receiving care in a care home is more expensive than receiving care in your own home, and you can protect yourself either partially or wholly against the costs incurred.
Some long term care products allow you to receive money only if you need such care, while others will give you the money anyway, whether you need it or not when the term expires, but will help you arrange for the relevant care. If you choose an equity release scheme or other form of investment, you can decide whether to use the funds towards your long term care or not.
On most occasions, you find that there is a suitable product for each person, and can expect to see a wider range of products in the future. The plans fall into two main categories, which are deferred care plans and immediate care plans. The plans take care of long term conditions such as Alzheimer’s disease, Parkinson’s disease among others, and take care of people who need help with daily living in activities such as feeding, incontinence, mobility and dressing among others.
Immediate plans are tailor made for those who need care immediately as the name suggests, and one can receive care in their own home or care home. Deferred care plans are very similar to immediate care plans, the only difference is that the pay out the benefits after some time. Typically, they are similar to an insurance policy, and tend to be good for those who need such care for a few months or years, and who can afford the insurance. On the other hand, prefunded plan will pay out benefits until the individual dies or no longer needs care, though some restrictions apply from one company to the next.
As you can see the are many ways to long term care planning, so always seek the services of a SOLLA accredited long term care adviser by ringing 0800 678 5139.