Charles purchased long-term care insurance when he was 65 years old. His plan had an initial daily benefit of $280, a 7-year duration and Shared Care benefit.When he was in his early 80’s he was diagnosed with dementia and in 2023, at age 82, he submitted a claim. Initially, his family tried to keep him at home, but he developed behaviors that made home care unsafe for both his caregiver and his spouse. Charles’ care needs increased and he was placed in a memory care facility. The family moved him to a smaller facility in hopes his care needs would be addressed. Sadly, Charles’ falls continued and he suffered hip and leg fractures. The family moved him to yet another facility. His cognitive and physical needs continue to be extensive. He is approaching the end of his LTC benefit maximum and will need to utilize his wife’s policy going forward. Fortunately, his policy is an indemnity plan which helped pay for the private duty care needed to supplement his facility care.
Benefits paid to date: $1,201,161
Remaining benefits: $360,480
