Long-term care insurance can help families pay for long-term care if their senior loved ones require it. If your loved one is thinking about investing in long-term care insurance, consider the following facts.
1. Who Should Consider Long-Term Care Insurance?
Approximately 70 percent of seniors over the age of 65 may require long-term care. Seniors who are wealthy enough to shoulder this cost out of pocket or who have so few assets they qualify for Medicare typically don’t have to worry about nursing home costs. Seniors who are financially comfortable but not exceedingly wealthy, usually meaning those who have between $500,000 and $5 million in assets, should consider long-term care insurance.
2. Who Qualifies?
A senior typically has to be unable to perform a certain number of activities of daily living for long-term care coverage to take effect. Examples of seniors who may qualify include those who are:
- Cognitively impaired and cannot function independently
- Incontinent or cannot use the washroom by themselves
- Unable to eat, dress, or bathe without assistance
- Living with significant mobility issues
Seniors can face a variety of challenges as they age, many of which can be mitigated with the help of professional in-home caregivers who provide high-quality senior care. Phoenix families trust Assisting Hands Home Care to help their elderly loved ones age in place safely and comfortably.
3. When Should People Apply?
The best time to purchase long-term care insurance is when your loved one reaches his or her late 50s. At this age, the rates are still affordable, and your loved one is less likely to have health conditions that may prevent him or her from qualifying. The cost of long-term care insurance typically runs between $2,000 and $7,000 but can vary depending on your loved one’s age, family history, gender, health, and the type of coverage.
4. What Are the Types of Long-Term Care Policies?
Some policies only cover nursing home care, while others also include adult day care or assisted living care. Some insurers offer coverage that pays for in-home care or a small stipend to be paid to a family caregiver. This type of coverage tends to be the least expensive and allows your loved one to remain in the comfort of his or her home.
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 home care Phoenix agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.
5. What Are Some Other Important Considerations?
When talking to an agent about long-term care insurance, it’s important to keep in mind:
- The eligibility criteria
- The required waiting period before coverage begins
- The types of services covered
- The daily benefit amount to ensure it’s enough to cover the type of care anticipated
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 Phoenix elder 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. To hire a professionally trained caregiver for your loved one, call us at 602-847-6549 today.