Long Term Care Insurance

 

It may be difficult to envision at the moment, but there’s a strong likelihood that you’ll require assistance with personal care as you age. The crucial question then becomes: How do you plan to finance it? Let Motherly Comfort Home Care help guide you through the process.

According to the latest data from 2020 provided by the Administration for Community Living, a division of the U.S. Department of Health and Human Services, nearly 70% of individuals aged 65 and older will eventually require long-term care services or support. On average, women may need care for about 3.7 years, while men typically require it for 2.2 years.

Regular health insurance does not cover long-term care, and neither does Medicare, except for short-term nursing home stays or limited home health care under specific conditions, such as rehabilitation following a hospital admission.

If you require custodial care, which entails supervision and assistance with everyday activities, and lack insurance for long-term care, you will generally need to pay out of pocket in most states. Although Medicaid, the federal and state health insurance program for those with low incomes, can offer assistance, it is typically only accessible after depleting most of your savings.

Under most long-term care policies, you’re eligible for benefits when you can’t do at least two out of six “activities of daily living,” called ADLs, on your own or you suffer from dementia or other cognitive impairment.

The activities of daily living are:

The rates you pay depend on a variety of factors, including:

  • Your age and health: The older you are and the more health issues you have, the higher the cost when purchasing a policy.
  • Gender: Women typically pay more than men because they tend to live longer and are more likely to file long-term care insurance claims.
  • Marital status: Premiums are generally lower for married individuals compared to single individuals.
  • Insurance company: Prices for the same coverage can vary significantly among different insurance companies. Therefore, it’s essential to compare quotes from multiple carriers.
  • Amount of coverage: You’ll pay more for comprehensive coverage, which includes higher daily and lifetime benefit limits, cost-of-living adjustments to protect against inflation, shorter elimination periods, and fewer restrictions on the types of care covered.

The team at Motherly Comfort Home Care has assisted numerous families in finding the right long-term care insurance. Contact us to explore and review the available options with you.

Personalized and devoted Silver Spring and Bethesda home care solutions are delivered to the pediatric, adult, and geriatric populations with respect and professionalism. You can feel confident that the assistance we provide to our clients is intended to improve their present lifestyles and conditions.

1

Call (240) 453-4169 to describe your needs

Call our Care Advisor to discuss your care needs, skills, requirements, and schedule.

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Schedule a FREE in-home assessment with RN

Our in-depth assessment will allow us to create a personalized care plan.

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We carefully match you with the right caregiver

We take into consideration skill sets, personality, and schedule to provide the perfect match.

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Stay up-to-date through our online portal

Use your private Family Portal access to view your loved one’s care notes and care plans