When seniors and their families begin researching senior housing options they are often startled to find the enormous cost of senior care housing. There are options and resources available. One of those being Long term care insurance.
When a person needs long-term care, an long term care insurance plan can help minimize the financial and emotional impact of the situation. long term care insurance plans are both about preserving your lifestyle and deciding how long-term health care needs will be met as they arise.
Some of the many benefits to having long term care insurance are:
Preserve savings and assets for family and friends.
Help maintain financial independence from family members and friends, often eliminating the need to borrow money for long-term care costs.
Relieve family and friends of caregiving tasks, as paying for professional care becomes an affordable option.
Allows a loved one a choice in where they receive care. If Medicaid pays for care options are very limited. People can design their long term care insurance policy depending on where they want to receive care: in a nursing home, in the community, at home, or in an assisted living facility.
Expand the range of services a loved one receives, including: care from visiting nurses, home health aides and friendly visitors programs; home-delivered meals and chore services; and time in adult daycare centers and respite care.
The benefits a loved one can receive from a long term care insurance policy depends on the type of plan purchased . Buy a policy at a younger age will reduce the cost. If you wait until your 50 you will pay a high premium. Educate yourself so you can make a good informed decision. Know what you want, get what you pay for, and make sure it covers everything you want or you do not buy it.
Written By: Tanja Powers, Senior Care Advisor at Adult Care Pro