With private homecare costs increasing, (the national average is over $20.00 an hour) seniors, elderly caregivers, and adult children caring for aging parents want to know how to cover these costs. Long Term Care Insurance is an excellent way to shield oneself when they need private home care help.
Like any insurance, there a many types of policies and conditions. Use a trusted agent and ask many questions like:
- How long is the policy for?
- Is there an elimination period?
- What is the daily benefit?
- How do I meet the criteria to trigger the policy?
- Is there an inflation rider?
- Will it cover me in Assisted Living or Nursing Home?
If your mother or father is already too old or sickly to pay affordable premiums, if they even qualify then LTC insurance is not the answer. There are companies which offer a bank of hours for a fee which do not require all the criteria of LTC insurance. They are not insurance and have pros and cons too.
So, does your parent need Long Term Care Insurance? It sure helps. It may be too late for them to purchase it but it isn’t too late for you! Make it part of your long term plan.
Feel free to contact one of our nursing specialists if you need more specific questions answered. We are here to help.
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