At some point in their lives, many people reach a point at which they are no longer able to care for themselves. Long-term care can be very expensive. In order to help your loved one to get the care that he or she might need when the time comes, it may be a good idea to consider getting long-term care insurance. At Elder Care Direction, we help you to understand the choices and to identify the options that might be appropriate for your loved one, and should the need arise, we can put you in touch with one of our trusted partners to help you get the care you need.
What Is Long-term Care Insurance?
Long-term care insurance is a type of coverage that pays for a person’s expenses if he or she develops an impairment or illness that interferes with the ability to perform the activities of daily living, including walking, toileting, eating, dressing, bathing, and continence. If your loved one gets to a point at which he or she is no longer able to take care of these tasks, he or she may need long-term care.
Long-term care may include personal care and skilled care. Personal care helps you to do normal activities around your home. Skilled care is designed for people who need the ongoing assistance of a medical professional. This type of care may include services that are performed by nurses or therapists in private homes or skilled nursing homes.
Long-term care insurance is a type of supplemental insurance that pays for the long-term care costs that are not covered by medical insurance or Medicare. It does not take the place of health insurance, however.
What Long-term Care Insurance Covers
If your loved one is in relatively good health, he or she normally should qualify for long-term care insurance. However, people who have pre-existing conditions that make it likely that they will need long-term care will likely not qualify. This insurance covers many costs that are associated with long-term care, including adult day care, in-home care, assisted living, respite care, hospice care, Alzheimer’s facilities, home modification costs, and nursing home stays. The insurance will pay for service providers who provide the care.
Shopping for Long-term Care Insurance
Shopping for long-term care insurance can be a complicated process. Your professionals at Elder Care Direction can help you to determine how much coverage your loved one might need. We can help you to determine how much money your loved one will be able to pay before his or her benefits start paying. The policy may have an elimination period during which time your loved one will pay out-of-pocket.
We can also help you to find a policy that has inflation protection so that your benefit rises along with the cost of care. We can help you to make certain that your loved one’s policy has a waiver-of-premium benefit so that he or she can stop making premium payments once the benefits start. Premiums for long-term care insurance typically increase over time. If your loved one’s policy does not have a fixed rate, the company can raise the premiums for everybody in his or her rate class regardless of his or her health status or claims history.
Contact Elder Care Direction
At Elder Care Direction, our professionals are dedicated to helping elderly adults and their loved ones prepare for getting older. We can help you to determine whether or not you should purchase long-term care insurance and help you to understand the different policies. To learn more about the services that we can offer, schedule your free consultation by calling us today or by filling out our contact form.