5 Crucial Facts About Long-Term Care Insurance

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5 Things to Know About Long-Term Care Insurance

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Long-term care insurance can help pay for long-term care should a senior require it. If your senior loved one is considering investing in long-term care insurance, Scottsdale elder home care experts suggest you 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 do not 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 to qualify for long-term care insurance. 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

3. When to 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. 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.

5. Important Considerations

When talking to an agent about long-term care insurance, it is 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 is enough to cover the type of care anticipated

To learn more about long-term care policies for your loved one, turn to Home Care Assistance. We provide reliable live-in and respite care. Scottsdale, AZ, seniors can benefit from our caregivers who can help them live as independently as possible by promoting their physical and emotional wellbeing. Call 480.448.6215 to learn how our comprehensive services can benefit your loved one.