Long-Term Care Insurance (LTCI) can cover long-term costs of care, which are not covered by health insurance, Medicaid, or Medicare. Before purchasing LTCI for a senior loved one, Palm Beach senior home care experts recommend families 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 is important to understand the eligibility requirements to ensure they are in line with your expectations.
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 $2000, while another one might charge up to $6000.
3. Services Covered
When it comes to home care, long-term care insurance may not cover everything. For instance, your senior loved one may need an in-home caregiver in Palm Beach, FL, 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 senior loved one may need in the future.
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 the policy without dividing up their time.
5. Benefit Period
You never know when or for how long your senior loved one may need long-term care. Therefore, your family will need 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 be sure to consider your loved one’s daily care needs. You do not want to choose a policy paying $150 per day when costs are actually $250 a day.
If your elderly loved one needs long-term care at-home, turn to the professional live-in and hourly Palm Beach caregivers at Home Care Assistance. Our caregivers can provide assistance with daily activities as well as specialized Alzheimer’s, stroke, and Parkinson’s care. Get in touch with one of our Care Managers at 561.429.8292 today and create a customized care plan.