When I suddenly had to become a full time caregiver to my elderly parents, both with health problems and starting to develop dementia I had never even heard of Long-Terms Care Insurance. Long terms care insurance is long life care of the our life.
Levels of the Long-Term Care Insurance
They’d be across the street from each other in different wings of the home.
Had I only known to insist that we buy Long-Term Care Insurance for them prior to their illnesses–their years of in-home care could have been paid for, and I could have saved myself so much heartache, not to mention a small fortune.
Starting Statics of the Long-Term Care Insurance
An estimated 4.5 to 5 million Americans have Alzheimer’s disease. In a Gallup poll, 1 in 10 Americans said that they had a family member with Alzheimer’s, and 1 in 3 knew someone with the disease.
An estimated 43% of Americans age 65 or older will spend time in a nursing home. By 2012, 75% of Americans over age 65 will require long-term care. Long-Term Care Insurance costs are rising at 6% annually.
Three Ways To Pay Long-Term Care Insurance
Pay for in-home caregivers and assisted living/nursing homes out of pocket. This is expensive and can often deplete a family’s life savings.
Meet a very specific poverty level and qualify for government assistance through the Medicaid program. Unfortunately, options are limited, only paying for nursing homes that accept Medicaid.
Buy a Comprehensive Long-Term Care Insurance policy. Medicare and regular health insurance does not pay for Long-Term Care Insurance .
Question To Ask Your Long-Term Care Insurance Agent
Is the coverage comprehensive, meaning it includes all levels of the Long-Term Care Insurance: in the home, assisted living, board & care, and nursing facilities?
What is the daily benefit?
Does it cover home Long-Term Care Insurance coordination of services?
How many ADL’s does it take to trigger a claim?
Does it cover the cost of Adult Day Long-Term Care Insurance & Adult Day Health Care, hospice and respite programs?