Using Your Long Term Care Insurance In Your 60s (or Younger!)

When you think of Long Term Care Insurance (LTCi), you’re probably thinking about planning for medical expenses and care for your later years. However, there are plenty of adults under 65 who are already using their LTCi policy for ongoing care.

Imagine thinking you’ve got decades before you need to start drawing on your LTCi when suddenly, the unexpected event happens. The catastrophic accident you didn’t see coming. The diagnosis that your physical injury is permanent and you will require full-time care for the rest of your life.

Few adults under 65 are prepared for this possibility.

We have a friend who had a fall at his home which resulted in severe spinal injury. He is now quadriplegic. He was in his mid-50s at the time of the accident.

While his health insurance paid for the immediate expenses including the surgeries and rehabilitation, it did not cover the ongoing care necessary for his continued recover. His original physical therapy required intensive sessions 5 days each week and he was making remarkable progress under this program. Unfortunately, his insurance company declined continuing coverage and he was discharged.

Needing Long Term Care Under 65

In 2018, the global financial services company Morningstar reported that 45% of adults requiring long term care are under 65 years old. In fact, 8% of people between the ages of 40 – 50 will have a disability that requires long term care.

Reasons for early long term care include:

• Psychiatric or neurologic illness
• Developmental disabilities
• Traumatic physical injury, like brain or spinal cord damage

The AMDA (American Medical Directors Association) has even published a guidebook, “The Younger Adult in the Long Term Care Setting” to help navigate the options available. They recognize that the needs of this particular group are quite different from those over 65.

For starters, how does one prepare for living the next 30 – 60 years of their life in a nursing home facility?

That manual is available to members of the Society for Post-Acute and Long-Term Care (PALTC).

Relying on Tea Leaves?

None of us knows how our future plays out. That’s why we purchase health insurance and auto insurance. The younger residents now living in nursing homes didn’t plan for this scenario. Those who have long term care insurance have better options and access to a higher quality of life and medical care.

Make plans to protect your future self. Click here to receive your free, no-obligation quote for your own LTCi policy.