What You Need to Know about Long-Term Care Insurance
Your mother or father has saved enough for retirement, but have they saved enough to cover the cost of long-term care if there’s a possibility they might need it? The majority of adults over 65 will require some sort of long-term care services at some point in their life, whether it’s in-home care or accommodations in an assisted living community. FootPrints Home Care knows that the cost of senior care can be astounding if you aren’t prepared for it, so we’d like to offer some helpful information about long-term care insurance. Here’s what you need to know!
Medicare pays for some nursing home and in-home care expenses, but not all of it. Medicare only covers medically necessary skilled care, but for seniors who don’t have a medical ailment and just need help with daily activities, a long-term care insurance policy is more beneficial. Long-term care insurance coverage helps cover the cost of living arrangements for seniors who require assistance with their daily activities like eating, walking, and bathing.
Premiums can vary quite a bit, even for similar coverage, so compare estimates from multiple insurance providers. Compare your options and look for a carrier with strong credit ratings. When you’re shopping around, be sure to look into the company’s background. How often and by how much do they increase their premiums? Look into joint policies, or see if you can get a discounted rate through your employer.
The government estimates that 70% of seniors will need some form of long-term care assistance at some point in their lives. Talk to your financial planner about long-term care insurance to find out if it’s a good deal for your family. Insurance may be the best way to cover the costs of long-term care services. Contact FootPrints Home Care if you have any questions about pricing and the services we offer.Copyright: obencem / 123RF Stock Photo