Benefits of Long-Term Care Insurance

Home Care vs. Nursing Home Care

If you were to take a wild guess, out of all of the people suffering from acute illnesses, long-term health conditions, long term care jupiter flpermanent disability or terminal illness, would you think that there are more individuals currently receiving care at home or individuals in nursing homes?

The numbers are pretty staggering.  According to the LTCi Sourcebook which is published by the American Association for Long-Term Care Insurance, there are just over 1.8 million of those individuals in nursing homes, as compared to 7.6 million who currently receive care in the comfort of their own home.

The very reason most people buy long-term care insurance is so that have the ability to receive home care in their own private dwelling.  It’s where they are comfortable, most at ease and where all of us would like remain through our end-of-life scenario.

What is Home Care?

Home care is the long-term care option that supports an individual’s ability to maintain independence and ability to continue with a normal, daily routine as long as possible regardless of age or disability.  Home care is exactly what it states; in-home care for those who need it provided by qualified health care professionals.

long term care home care jupiter flHome care services provide a wide variety of needs, from simple companionship to shopping and preparation of meals to medication refills and reminders.  A major component of in-home care is assistance with Activities of Daily Living (or ADLs) which cover bathing, dressing and grooming.

A higher level of home care may require the expertise of a nurse.  Services such as checking vital signs, coordinating with doctors and other healthcare professionals, performing specialized procedures and evaluations all are covered under the home health care umbrella.

The real beauty of home care services is that it can be a highly effective interim solution for individuals who are not sick enough to need nursing services but just a little help to stay independent and safe in their homes.

What Home Care Services are covered under Long-Term Care Insurance?

People are increasingly living longer lives.  While most people look at the positive side of longer life as meaning more time to enjoy family and other life experiences, it also means that there’s an increased chance that we will experience some kind of long-term illness.  The longer we live, the more likely we will need help with ADLs down the road.  Many individuals with chronic, or long-term, diseases often have trouble performing some ADLs.  The need for assistance with these activities is a measure used to assess when an individual is eligible to use Long-term care insurance benefits.Long-Term Care Insurance Policy Jupiter Fl

Depending on your individual policy, you may have a waiting period before being able to access your funds.  Some policies maybe allow you to begin collecting benefits on the day you begin service, while others may  have a waiting period of anywhere from 30 to 120 days.

Likewise, you will want to greatly consider the right time when you should initiate your claim.  The waiting period often corresponds to the maximum amount of time that the insurance company will pay benefits.  Meaning the longer the waiting period, the longer the insurance company will pay for your in-home care which is typically 3 to 5 years.  You will also need to know the maximum daily benefit, as well as the maximum dollars that the insurance company will pay on the policy.

Is Long-term Care Insurance Considered an “Investment”?

Over the next 30 years, the annual cost of long-term care is expected to increase to over $300,000 a year for a home care aide, and even higher for assisted living facilities and nursing homes.  That number is much more than average people can save in a lifetime including investments and other private sources.  That makes Long-term care insurance one of the smarts investments in your future.

We recommend asking LOTS of questions regarding service coverage when getting advice from your broker.  Lots of questions can yield lots of answers and will properly guide you to the policy best suited for your needs.


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