Planning for the future can be daunting, but the reality is that you may need assistance with daily activities as you age. The crucial question is: How will you finance it?
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Nursing home care
In-home care & Nursing
Adult day care
Modifications to house
Major diseases coverage
Nursing home care coverage
Risk Factors
Some policies only cover nursing home care. It doesn’t cover assisted living facilities, which is important since this type of care is rapidly expanding.
Solution
Long Term Care insurance should be considered to cover these expenses.
In-home care & nursing coverage
Risk Factors
You may end up paying for in-home care, including nursing care and physical therapies.
Solution
Many Long term care policies also cover in-home care, including nursing care, physical therapy and medical equipment.
Adult day care coverage
Risk Factors
If you hire a caregiver, you may have to pay them for their services from your pocket.
Solution
Policies may cover community care, which usually means adult day care so you don’t need to pay them all by yourself.
Modifications to house coverage
Risk Factors
You may need to build a wheelchair ramp for one of your family members because of their medical conditions.
Solution
Some policies may even pay benefits to family members who act as caregivers or cover home modifications, such as adding wheelchair ramps or installing safety devices.
Major diseases coverage
Risk Factors
A family member may be affected by a major disease and need continuous care, which may cost you money every single day.
Solution
Most policies cover care related to Alzheimer’s or other forms of dementia, but there are exceptions. Because this is a common condition, double check that it’s included in your loved one’s policy.
Understanding Long Term Care Insurance
One effective way to prepare for this need is by purchasing long-term care insurance. This type of insurance covers various services not included in regular health insurance, such as help with bathing, dressing, or getting in and out of bed.
Long-term care insurance assists with expenses for chronic medical conditions, disabilities, and disorders such as Alzheimer’s disease. Typically, policies will reimburse expenses for care provided in various settings, including:
Your home. A nursing home. An assisted living facility. An adult day care center.
Types of Long Term Care Insurance
Traditional long term care insurance is a standalone policy created specifically to pay for in-home care when necessary.
A traditional policy activates when you are not able to perform two out of six daily living activities (like dressing, bathing, eating, or moving to a wheelchair) or if you suffer from severe cognitive impairment. After a 30–90 day waiting period, you will start receiving benefits.
A hybrid policy combining life and long-term care insurance provides an additional choice. This policy allows you to access the death benefit (the money your beneficiaries would receive upon your death) while you are still alive to pay for long-term care.
If you don’t need long-term care, the full payout goes to your heirs. These policies usually have fixed premiums for life.
The Importance of Long Term Care Insurance
A study by the Urban Institute and the U.S. Department of Health & Human Services found that approximately half of 65-year-olds will eventually develop a disability and require long-term care services. Most will need care for less than two years, but around 14% will require it for more than five years.
Standard health insurance does not cover long-term care, and Medicare does not cover custodial care (assistance with everyday duties); rather, it only pays for brief stays in nursing homes or limited home health care when skilled nursing or rehabilitative care is required.
Without long-term care insurance, you would have to pay for these services out-of-pocket. Medicaid can help, but only after you’ve depleted most of your savings.
Purchasing long-term care insurance can provide peace of mind and protect your hard-earned savings. You and your spouse can enjoy financial security if you can afford the required treatment without using up all of your savings. Plus, your children won’t face the burden of covering your care costs.
Get in touch with Direct 2U Insurance in California right now if you have any inquiries regarding long-term care insurance or would like to compare the finest plans!
Already have Long Term Care Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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