Long-Term Care Insurance
Long-term care services and costs can be confusing, but it’s important to consider them before you’re in need. Health insurance covers certain costs, but as you get older, you may need other forms of insurance, one being long-term care. Active Home Care’s experts provide complimentary assistance with helping you activate and understand your long-term care insurance policy.
What Is Long-Term Care Insurance?
Long-term care insurance is designed to help people meet their needs for care that goes beyond medical needs. Whether it’s due to age or chronic illness, you may reach a point where you need long-term care services to accomplish everyday activities, like dressing and bathing.
What Does Long-Term Care Insurance Cover?
Most long-term care insurance policies are triggered when you need help with at least two activities of daily living or reach a state of cognitive impairment. Policies vary but most cover:
- Care coordination: A licensed professional who determines need and locates appropriate services
- Senior care service: A supervised support adult day care setting outside of your home during the day
- Nursing home: A 24/7 setting where all levels of activities and medical services are available
- Home care aid services: Bathing, grooming or other home care assistance provided by an individual or home health agency
- Assisted living: Individual housing units with services available as needed
- Home modification: Installation of ramps, grab bars and other necessary features to make your home safe and accessible
Other policies could include companion care services or caregiver services. Some long-term care policies are open-ended, since people often purchase these policies long before they need them. If a new type of care is developed in the interim, your policy may cover that, as well.
How to Qualify for Long-Term Care Insurance
Qualifying for long-term care insurance is based on age and health. There are no strict age limits, but it’s better to buy your policy while you’re in your 40s if possible. Only a small percentage of long-term care insurance applicants under 50 are turned down, while almost half of applicants who are 70 or older are denied coverage by most long-term insurance providers.
If you already have a health issue, you may still be denied a long-term care insurance policy, which makes it important to purchase your long-term care insurance while you’re still healthy. It’s possible to get long-term care insurance with a pre-existing condition, but services that relate to that condition may not be covered for a certain period of time. After the waiting period, payment for those services would go into effect. The length of the waiting period will be stipulated in the terms of the insurance policy.
Factors to Consider When Deciding on Long Term Care Insurance
Not everyone needs long-term care insurance, but it may be too late to purchase it when you need it. When making the decision, consider:
- Tax-deductible premiums
- Your level of income now and projected into the future
- How long-term care insurance fits with your assets and investment portfolio
- Amount of premiums
- Your current age and health
Contact Active Home Care Today
Active Home Care accepts and is enrolled with all long-term care insurance companies. Check out just a few of the insurance companies we work with by clicking here.
Our professional staff can help you get the most for your long-term care insurance benefits and decide which option to choose. Contact us today for more information.
Active Home Care currently serves customers in areas including but not limited to:
- Bal Harbour
- Coral Gables
- Cutler Bay
- Key Biscayne
- Miami Beach
- North Miami
- North Miami Beach
- Sunny Isles Beach