5 Crucial Things to Know about Long-Term Care Insurance

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5 Crucial Things to Know about Long-Term Care Insurance

Seniors who are planning for retirement should consider the possibility of long-term care. It’s important to plan for long-term care because the costs can end up depleting the life savings of some seniors. Here’s some important information about long-term care insurance. 


1. It’s Not the Only Option

While long-term care insurance can be incredibly beneficial, it’s not the only way for seniors to pay for assistance. Those who have few or no assets might qualify for other programs such as Medicaid that will help them pay for care. Seniors who are independently wealthy and can afford to pay for long-term care might not need long-term care insurance. 

Many seniors prefer aging in place over moving to assisted living facilities. If your senior loved one needs assistance to remain safe and comfortable while living at home, reach out to Assisting Hands Home Care, a leading home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks.


2. The Qualifications Are Unique

Long-term care insurance doesn’t necessarily cover everyone who needs professional assistance. Policyholders must be able to prove they can no longer carry out everyday tasks such as bathing or dressing themselves. Most insurance providers have a preset list of tasks to determine if a policyholder needs assistance.


3. It Covers Cognitive Disorders

Cognitive disorders such as dementia can be just as debilitating as physical ailments. In addition to undergoing physical tests, seniors will most likely be screened for mental and emotional disorders, which is why long-term care insurance policies can be useful for those who have a high risk of developing dementia or another similar condition.

If your loved one is living with cognitive impairment due to dementia, a home caregiver can be a wonderful source of support. Aging in place can present a few challenges for seniors living with dementia. However, they can still live independently at home with the help of professional dementia care. Fort Lauderdale families can rely on Assisting Hands Home Care to provide their elderly loved ones with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help your loved one live a happier and healthier life.


4. Applying Early Saves Money

Much like life insurance, long-term care insurance becomes exponentially more expensive as an individual grows older. In some cases, waiting just five or ten years to apply for a policy could increase the premium by thousands of dollars a year. As a general rule, most people should begin looking at these types of policies around the age of 50 or 55. 


5. Various Factors Determine Premiums & Total Coverage

Your loved one and the insurance provider will go over many different variables before finding the right policy, including personal health, family history, age, and gender. Your loved one will need to decide how much coverage he or she will realistically need in the event of a major accident, injury, or illness. 

If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of home care Fort Lauderdale families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts. To create a customized in-home care plan for your loved one, call us today.