Secure Your Future: How Long-Term Care Insurance Can Help
It is hard to prepare for future home care when you don’t know what your needs may be as you age. For years, Long Term Care (LTC) insurance has helped people plan how they will cover the cost of their home-care needs when they are older. While nobody wants to contemplate it, many people eventually need help with routine tasks like bathing and getting dressed. LTC insurance was designed to provide those folks the means to age comfortably in place by covering professional in-home services for extended periods of time.
For those who qualify, LTC insurance is a way to provide protection down the road should you need it. Plans reimburse policyholders who need regular, personal assistance in the home, and it is also there if you experience an illness or disability that requires ongoing care. That time might never arrive, but if it does you and your family can focus on tailoring the services you need to remain in your own home.
How Does Long Term Care (LTC) Insurance Benefit Seniors?
Having a professional caregiver assist seniors with daily living activities is a blessing for busy families as well as their aging loved ones. But these expenses add up and might eventually become cost-prohibitive, which is where LTC insurance comes in. Insurance benefits cover a wide range of in-home services for extended periods of time, from help with physical tasks such as bathing and light housekeeping to specialized support for people with dementia or Alzheimer's.
For senior populations, LTC insurance provides four major benefits:
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Professional caregiver assistance that enables them to age in place
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Covers a wide range of activities of daily living (ADLs), including: - Bathing - Showering - Toileting - Transferring - Other personal assistance
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Includes safety assistance related to cognitive issues like dementia
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Provides long-term-care for months or years
LTC Insurance Premiums Are Lower the Younger You Are
LTC insurance can be particularly beneficial in families with a history of Parkinson's disease, Alzheimer's or other conditions that require a higher level of care. LTC insurance premiums are generally more affordable for someone in their 50s than their 70s. That is why it can be the most cost-effective for someone in middle age who won’t likely need it anytime soon. Hopefully, you won’t experience any of those things, but if you do you’ll have the peace of mind knowing you will be taken care of financially.
Do your own research into LTC insurance to find out if it’s right for you and if it makes sense to get it at your age.
Payment Options: Making Senior Home Care Affordable
The best payment option for long-term care will depend on your situation. The way LTC insurance typically works is by providing a specific amount of money per day, week or longer to cover your care costs once you are past the given waiting period. According to the National Council on Aging, LTC care plans may fund the cost of care in a variety of settings, which may include assisted living facilities as well as hospice care.
If you need help affording home care for yourself or an aging loved one, there are other possible payment solutions:
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Veteran aid: Veterans Aid and Attendance (A&A) can offset the cost of care for veterans.
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Private investments: Some individuals tap into their private assets to pay for care.
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Reverse mortgage: This allows you to tap into your home equity.
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A viatical settlement: When someone with a terminal illness sells their life insurance for cash.
Right at Home in Boston Can Review Your Insurance Policy for Eligibility
Insurance policies can be complicated. Contact Right at Home Boston Metro West if you are considering opening an LTC claim to help you pay for our in-home services. Our free consultations can help you review your policy in preparation for filing a claim and work with you to create the most appropriate care program.
No matter what your insurance situation is, a team member at our Boston Metro West location can help you determine if in-home care is right for your loved one. Call Right at Home or contact us online today.
