FACT: Most long-term care insurance policies only cover a set of benefits, and you must trigger benefits with certain conditions, etc. and not all care options may be a choice depending on your policy.
1. If you have a pre-existing condition, you may have to wait for lengthy period of time before benefits will kick-in.
2. You must work with providers only covered by your insurance carrier. Make sure these providers operate in your area and are of a quality you desire.
3. Policies will only cover so much a day. Make sure rates in your area are in-line with those rates.
4. Policies are all different for types of care -- some may cover nursing homes, or assisted living facilities, adult day care services (much like child care outside your home), home care to help with routine tasks like bathing and meals, home modification like installing grab bars or other care services determined to be needed in the future. Be sure to talk to your insurance provider so you understand specifically what your policy covers or doesn’t and how you go about getting services that the policy covers.
5. Make sure you plan on keeping your coverage when planning. According to the National Association of Insurance Commissioners, only about 7 million Americans have long-term care insurance today, way down from earlier numbers because of the incredible rising costs and limited benefits.
If you have long term care insurance, know your plan inside and out if you want to use it. And, monitor it yearly as benefits may change. If you have long-term care insurance or if you don't, in all cases you and your family need a plan. Make it a smart one!
Follow us at Gentreo.com to learn more as we launch our upcoming newsletter to help you learn about what choices you and your family have, how others manage similar situations, and how you can prepare for the future you and your family desire.
The team at Gentreo has more than 20 years experience in the eldercare industry. From home care and hospice and private duty to aging in place, they have helped create companies that are changing how Americans care for seniors.