What Does Long-Term Care Insurance Cover?

By Steve Elliott | September 11, 2024 | Comments Off on What Does Long-Term Care Insurance Cover?

Now that most seniors are choosing to live in their own homes as they get older many seniors and their families are looking into long-term care insurance to help cover some of the additional costs of home care for seniors. If you’re learning more about long-term care insurance and trying to decide if it’s right for senior parents you should know that long-term care insurance can be a good investment. But first, you need to know what long-term care insurance covers and doesn’t cover and get a long-term care insurance quote.

Here are some things families of seniors should know about long-term care insurance coverage:

It Covers Some Types Of Home Care

Long-Term Care Insurance Quote Oceanside CA - What Does Long-Term Care Insurance Cover?

Long-Term Care Insurance Quote Oceanside CA – What Does Long-Term Care Insurance Cover?

Long-term care insurance can cover a range of services including nursing home care, assisted living facilities, home health care, and adult day care.

It may also cover services such as personal care assistance, senior home care, and sometimes even condition-specific care like Alzheimer’s care, which involves help with daily living activities for seniors living at home who have specific illnesses like Alzheimer’s or Parkinson’s.

Long-term care insurance can help seniors pay for home care so they continue aging in place without having to touch their retirement funds or investments.

Policies Are Pretty Flexible

Long-term care insurance policies are pretty flexible and have lots of options, so you can choose the options that will have the most benefit for your mom or dad. You can choose the amount of coverage, length of coverage, and type of care covered. This allows families to choose a plan that fits their senior parent’s anticipated needs and budget.

Eligibility Requirements

To receive benefits from the policy, seniors typically need to meet certain criteria, such as being unable to perform a specified number of activities of daily living (ADLs) or having a cognitive impairment. Having medical documentation that shows your mom or dad meets these criteria will trigger the insurance to kick in and start paying for covered home care services.

Cost and Premiums

Premiums for long-term care insurance vary based on factors such as age, health status, coverage amount, and the insurance provider. Premiums are usually paid on a monthly or annual basis. Premiums will be determined when you seek a long-term care insurance quote. Your mom or dad may need to have medical exams and submit some medical documentation at the time of the purchase of the policy, depending on the insurance company’s requirements.

Benefits of Financial Planning

By covering long-term care expenses, long-term care insurance helps protect your mom or dad’s savings and assets. This is important if your mom or dad plans on aging in place for as long as they can. They may need more help as they get older or as their medical conditions progress, which can be expensive. Being able to pay for home care with long-term insurance instead of touching their savings can make it possible for them to stay in their homes for years.

If you think that long-term care insurance could be right for your senior mom or dad you should find out more about the cost of long-term care insurance in your area by talking with an agent for a long-term care insurance quote.

If you or a loved one are considering a Long-Term Care Insurance Quote in Oceanside CA, please get in touch with Steve Elliott at Capstone Insurance for an honest discussion about your future and options. Call today at (858) 350-3161.

Steve Elliott
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