The Basics of Long-Term Care Insurance
Planning for the future involves more than just saving some cash here and there for a rainy day. Life is unpredictable, and if we want to help our loved ones face their golden years with peace of mind, it’s important to be aware of how specific costs will affect our budgets.
One important cost is long-term care—the support that will enable you or your loved one to meet daily needs and perform regular activities. But long-term care services can cost anywhere between $2,000 to $10,000 per month, and often, health insurance, Medicare, or Medicaid do not cover these expenses.
That’s where long-term care insurance comes in. ComForCare is here to help you learn more about long-term care insurance and how it can benefit you and your family. We can help you better understand your policy and file claims, alleviating your anxiety as you plan for the future.
What is Long-Term Care Insurance?
Despite what we’d all like to hope for, long-term care needs generally can’t be avoided, and we’ll all need assistance in one way or another as we age. Thankfully, long-term care insurance offers an option to help cover the costs that will support you or your loved one’s ability to live life to the fullest. This type of insurance policy reimburses policyholders for services that assist with daily living activities, like:
- Bathing
- Dressing
- Meal preparation
- Housekeeping
- Other Non-Medical Services
While your care and coverage needs may vary, for the most part, these benefits can relieve the financial burden that comes with chronic illness or simply needing extra help as you age, even if you are in good health.
Many major insurance companies and employers offer long-term care coverage as a benefit. ComForCare can help you work with these companies to find the right coverage to meet your current and future care needs.
What Does Long-Term Insurance Pay For?
Many middle-class families find themselves in a tough spot when considering options for meeting long-term care needs. They earn too much to qualify for Medicaid but not enough to comfortably afford to pay for care out of pocket. Long-term care insurance exists to fill that gap and cover non-medical care-related costs. It can be used to pay for:
- In-Home Care
- Assisted Living Facilities
- Nursing Homes
- Memory Care
Regardless of the type of care you or your loved one may require, long-term care insurance is a great tool to help fund care and protect your savings. Without this type of coverage, your care expenses must be paid out of pocket or through Medicaid if you qualify.
What to Consider When Shopping for Long-Term Care Insurance
If you don’t already have a policy, now is a good time to ask yourself how you plan to cover future long-term care costs and begin exploring your options. Buying coverage before your health changes gives you more options when you do need care.
When shopping for long-term care insurance, it’s important to consider key factors like:
- Coverage level or benefit amount
- How long the benefits last
- The elimination period before coverage kicks in
- Cost of the policy
Cost-Benefit Analysis
The cost and benefits of insurance policies vary, just like those associated with long-term care itself. Since long-term care insurance policies can be complicated, it’s helpful to work with a professional—like a ComForCare Home Care expert—to ensure you’re getting the most out of your benefits. Contact us today for assistance.
How ComForCare Makes The Claims Process Easier
Filing a long-term care insurance claim can be complicated and overwhelming. That’s why working with a professional, like those at ComForCare, can make all the difference. We can help you understand your policy, including terms like “elimination period,” “maximum daily benefit,” and “inflation protection.”
Plus, we’ll assist with the paperwork and even handle billing directly with your insurance company so you can focus on your health and personal needs. If you’re ready to learn more about the claims process for long-term care insurance or file a claim on an existing policy, reach out to the ComForCare team today!
Get the Coverage You Need for Your Long-Term Care
According to the ACL, at least 70% of people turning 65 today will need some type of long-term care in their lifetime. Even if they do not currently require long-term care, many older adults already have substantial care needs that family and friends alone can’t meet. Getting the benefits they’re entitled to from their insurance can sometimes be a challenge, but ComForCare is here to help.
If you’re an older adult who needs help navigating their long-term care policy, you don’t have to go through the process alone. We can guide you through the process of understanding your policy, filing claims, and ensuring you receive your benefits as quickly as possible. Call us at (800) 886-4044 or find the ComForCare location closest to you today to get started.
Maximize Your Long-Term Care Insurance Benefits
Since navigating long-term care insurance can be tricky, it’s a good idea to seek the advice of a professional to ensure you’re maximizing your benefits. Whether you need help understanding the terms of your policy or filing a claim, ComForCare is here to support you every step of the way. If you’re ready to learn more or file a claim, reach out to our team today! You can call us at (800) 886-4044 or find your nearest ComForCare location online.
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