5 Things about Long-Term Care Insurance to Consider

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Long-Term Care Insurance (LTCI) can cover the costs of long-term care that aren’t covered by health insurance, Medicaid, or Medicare. Before purchasing LTCI for a senior loved one, families should consider the following points.

1. Eligibility Requirements

The requirements for long-term care insurance can vary from policy to policy. Some policies apply to chronically ill seniors. Others may require seniors to be unable to complete a specific number of daily activities on their own before they can get coverage. It’s important to understand the eligibility requirements to ensure they’re in line with your expectations. 

If your loved one is living with cognitive impairment due to dementia, a home caregiver can be a wonderful source of support. Aging in place can present a few challenges for seniors living with dementia. However, they can still live independently at home with the help of professional dementia care. Potomac families can rely on Assisting Hands Home Care to provide their elderly loved ones with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help your loved one live a happier and healthier life.

2. The Costs

LTCI policies can have different costs, depending on the age, gender, health, and family history of your loved one and the type of benefits he or she seeks. One company may charge an annual premium of $2,000, while another one might charge up to $6,000. 

3. Covered 

When it comes to home care, long-term care insurance may not cover everything. For instance, your loved one may need an in-home caregiver, but the policy might only cover the costs of assisted living. You never know what type of care or medical equipment your loved one will need. Make sure to consider a flexible policy that covers a variety of services your loved one may need in the future.

Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Assisting Hands Home Care, a leading elderly home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.

4. Types of Policies

LTCI policies have changed over the years and have expanded from nursing homes to assisted living and home care services. You should research all of the policy types and determine which policy is the best option for your loved one. For example, a blended policy may combine long-term care insurance with life insurance or annuities. Similarly, shared policies allow seniors and their spouses to share benefits without dividing up their time. 

5. Benefit Period 

You never know when or for how long your loved one may need long-term care. Therefore, your family needs to know if the policy will provide coverage for as long your loved one needs care. Keep in mind not all policies offer long-term care for life, and make sure to consider your loved one’s daily care needs. You don’t want to choose a policy paying $150 per day when costs are actually $250 a day. 

If your elderly loved one is living with a serious medical condition and needs help managing the tasks of daily living, reach out to Assisting Hands Home Care, a Potomac home care agency you can trust. Our caregivers are available 24/7, there are no hidden fees in our contracts, and we offer a 100% satisfaction guarantee on all of our in-home care services. Trust your loved one’s care to the professionals at Assisting Hands Home Care. To create a customized home care plan for your loved one, call (301) 363-2580 today.

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