Considering Long Term Care Insurance?
The question everyone thinks about, and asks: how do we pay for elderly aging in place?
One of the answers, albeit with some flaws, is a long term care insurance policy.
Like any insurance product, the cost for monthly premiums is normally going to be less when you initiate coverage at an early age. The younger you are, the lower the premiums. Costs for long term care insurance are less on a monthly basis if you purchase during your 40’s than in your 60’s. Certainly, this is not an easy decision. Aging can feel a long time in the future, and money can be tight with growing families. Many people are paying mortgages or college loans in mid-life. But understand, this may be the best planning option and strategy to cover the medical and non-medical costs of aging.
When “activities of daily living” are compromised, many elders need assistance in their daily functions and living existence. Specifically, functions such as bathing oneself, properly preparing food to eat, transporting oneself from bed to chair to couch, etc. Often the “proof” of your qualifications to receive benefits under long term health insurance include not being able to function in your basic activities of daily living.
At the proper time of needed assistance, elders must demonstrate or provide proof that daily activities are not being met. This may require a medical examination and written proof – either from your primary care physician or another qualified medical professional. Or, established work history with a home care agency.
To access your insurance coverage, you should consult with your insurance provider regarding details of in-home coverage, and specific policy initiation requirements.
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John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions.
Phone: (781) 378-2164