Long-Term Care Insurance plans have come a long way in offering convenient and flexible long-term care solutions, since the early days. Still, there are certain misunderstandings and objections in the minds of some people. Let’s have a look at some of these…
The most common misunderstanding regarding long-term care insurance is that it provides only nursing care benefits. But, the fact is that it covers home care for a person who opts to “age in place” as well as adult day care and assisted living facilities. American Association for Long Term Care Insurance (AALTCI) statistics shows that Home Care claims are the most among newly opened long-term care insurance claims in recent years.
Today, the benefits payable under long-term care insurance policies are very flexible. Most policies offer services such as home modifications to make your stay at home longer and safer. Modifications such as widening doorways, building wheelchair ramps or installing lifts and handrails are provided under long-term care insurance policies.
The role played by family caregivers is very critical in long-term care. Long-term care insurance policies offer options that make it comfortable for families to care for the elders in their family. Care giver training for family members is provided to ensure that the recipients are getting the best possible care. Even, care provided by family friends, acting as informal caregivers, is reimbursable under some policies.
If the one insured person exhausted his or her benefits, he or she can use the benefits available to his or her spouse. This enables the couples to share their coverage and maximize the benefits. Many Long-term care insurance policies offer this optional benefit called “shared care”.
Long-term Care Insurance policy should be a key element in your retirement plan. It is always better to plan ahead and start early. Age and health conditions are the two most important factors when you are looking for an insurance policy. At a younger age, these factors could be more favorable to you. The coverage will be affordable too. Younger age doesn’t imply that you don’t need any care. Accidents and illnesses that can lead to availing extended personal care can happen at any age. So, It is always better to start early.
The need for long-term care increases, as people are beginning to live longer. As the AALTCI states that during the year 2014, the total amount paid as benefits under Long-Term Care Insurance by the insurers has gone up from $7.5billion to $7.85billion, benefiting about 250,000 individuals. It is true that people underestimate their life expectancy and aren’t prepared to meet the consequences of not planning.
Getting the conversation started about long-term care insurance planning is easy. Simply fill out the form to the right and download your free planning guide today. A specialist with California Long Term Care Insurance Services will help you understand your options and pick the plan most appropriate to your unique needs.