Long-Term Care insurance assists individuals as they age providing assistance in their home or in a nursing facility when they can no longer perform everyday activities on their own due to a disability, serious illness, or family is not available to assist. Long term care for a loved one is often a shared responsibility with family. An insurance plan will give your family needed time off from 24/7 responsibilities as you age in place.
Having someone come into your home to assist with personal hygiene, meal preparation, transportation, errands, and other daily living activities can often be supported through long term insurance by a caregiver. Home health care services are performed by a licensed health care worker to administer medications, provide rehabilitative therapy, and provide skilled nursing care.
Many plans are available for long term care with choices dependent on finances and desirable services or level of care. Insurance plans are available through independent insurance providers, Medicaid, private financing, and veteran’s benefits. Life insurance policies have an option for long term care accumulating a cash value with the condition that a portion of that cash value should be paid towards the insured’s long-term care, when needed.
Under most policies, individuals pay for long-term care services out of pocket for a certain amount of time (30- 90 days) before reimbursement from insurance will pay for services during the “elimination period”. Generally, policies pay a daily limit for care until the lifetime maximum is reached. Keep in mind that as an individual ages, the premium for long term care will increase. Financial advisors recommend purchasing long term care insurance when an individual is between 60 and 65 years of age.
Medicare only pays for medically necessary care and does not pay for most long-term care services or personal care to assist with personal hygiene or daily activities. Aging individuals may qualify for community services under the Older Americans Act. The programs help eliminate the barriers to food, transportation, and elder abuse prevention efforts. Additional information available at https://acl.gov/. The Administration on Aging is another great resource for learning about resources for the aging population through the federal government.
Long term Insurance can be pricey, and many aging individuals purchase policies to offer a short stay in an assisted living facility. On average men will spend up to a year in care and women will spend about 18 months because they tend to live longer. Consult with your financial advisor to evaluate what plan fits your specific needs. Comforts of Home can answer many home-care questions. Call (936) 647-0674 or email Jamie@YourComfortsofHome.com
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