A long-term care insurance policy can be a wonderful asset, especially for those who have been saving for retirement. While there’s no guarantee the policyholder or any listed dependents will require long-term care in the future, with the cost of this service dramatically increasing year after year (even outpacing inflation) trying to cover this expense out-of-pocket can quickly deplete savings and investments.
A question that commonly gets asked regarding a long-term care insurance policy is whether or not a family member can receive payment from the insurance company to provide this type of long-term care.
Each insurance company and policy is different.
This is often the most common answer people will receive to some of these more specific questions and while it doesn’t exactly answer it, it is true. There may be certain provisions that can be added to provide family members as potential caregivers, but in most situations the answer to this particular concern is no.
The vast majority of family caregivers in the United States are not licensed or certified nurses or nursing assistants, have no prior experience doing this type of work, and may do it for a number of different reasons.
An insurance company is not going to pay out on a policy to somebody who doesn’t have experience (or a license/certification). The whole point of insurance for long-term care is to help the policyholder get the highest quality of care possible, whether that comes in the form of a professional home care aide, assisted living facility, nursing home, or some other form.
Focus instead on professional, experienced care.
When a person has a long-term care insurance policy, they are essentially protecting their investments and savings against the possibility they may need long-term care in the future. If that individual does require long-term care, for whatever reason, the best option available to them to maintain quality of life, safety, and actually help them recover from any number of ailments is with professional, experienced caregivers.
It can feel more comfortable for some to depend on a spouse, adult child, or other family member, and while Medicaid may offer reimbursements for this type of work to lower income families, a person who has savings and investments is not going to qualify until and unless they deplete their assets first.
Long-term care insurance is designed to help protect those investments and that savings so when people reach their Golden Years they don’t have to suddenly find themselves broke, struggling to survive, and wondering how they’re going to cover the next month’s bills.
If you or a loved-one are considering Long-Term Care Insurance Cost in San Marcos CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
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