Two apparent trends have emerged regarding the aging population. One: It’s growing, and as such, more and more people will require long-term care at some point. Two: a large segment of that growing population prefers to remain independent, living in their own homes, for as long as possible.
In general, home care is less expensive than other long-term care options such as assisted living facilities or nursing homes. At A-Z Best Home Care, we charge a flat hourly rate; other agencies often adjust their rates based on the level of care needed. If you need help covering the cost of in-home care, you might consider long term care insurance.
Like other forms of insurance, the insurance companies set rates based on how much and how soon they think they’ll have to pay benefits. For this reason, consider applying when you are still in good health. You will get the lowest rates in your late 50s to early 60s. Companies often refuse coverage to people who already need long-term care, or who suffer serious health conditions.
Along with the cost of premiums and deductibles, you’ll want to know how much the policy pays out in benefits, and how frequently (i.e. daily or weekly). Some plans offer tax-deductible premiums.
Choose Your Coverage
Different plans offer different types of coverage. Some offer more comprehensive coverage that will cover nursing home care, adult day care, in home medical care, hospice and other long term care services. Others are tailored to individuals who desire less comprehensive coverage, and these plans will come with lower premiums. Be sure you understand exactly what types of care are covered, as specific services such as companionship care may or may not be included.
If you think long term care insurance is an investment you would like to make for yourself or a loved one, speak with an agent and do thorough research. When researching, consider:
- Eligibility requirements: Criteria an individual must meet in order to start receiving benefit payments.
- Time period covered: Many plans stipulate a maximum time period for receiving benefits.
- Waiting period: Find out how long you have to wait before you can begin receiving benefits.