Long-term care can come in many forms. There is home care, assisted living, nursing home support, independent living, and a few other options. Most people will be familiar with — at least with regard to the terms — home care, assisted living, nursing home care. Certain insurance policies and even Medicaid will limit how long a person can receive different types of care. This will also be true with long-term care insurance. They may also have different requirements when it comes to specific types of care.
For example, an aging senior who prefers to remain at home and is covered by Medicaid may only be able to receive a couple of months of short-term care at a nursing home instead of home care. Each situation and individual is different, of course, so it’s important not to draw conclusions, but aside from paying these expenses out-of-pocket, which would provide the best with regard to options, what do seniors have at their disposal that could allow them to choose which senior care option suits them best?
Long-term care insurance.
Unless an aging senior is going to be paying for this type of long-term care out-of-pocket, they may very well be limited on their choices if the time comes to rely on this extended form of care.
A long-term care insurance policy, however, will provide them a greater range of options. For example, an elderly person who has been carrying a policy for at least a few years might prefer to remain home as opposed to spending considerable time in a nursing home.
If they have a good, decent policy in good standing, they should be able to receive that level of in-home care support they need.
The policy may require them to pay out-of-pocket for the first couple of months before the policy begins paying out. In that type of environment, Medicaid or private insurance may cover at least a portion of that short range care.
It is an affordable alternative for those planning for retirement.
Many people, as they move through their 50’s and 60’s, focus on retirement. They invest more heavily and save as much as they can so they can retire at 65 or 67 or 70 years of age.
What too many seniors failed to realize, though, is the cost of long-term care. In some places, long-term care costs can be hundreds of thousands of dollars, which is why long-term care insurance is so important.
If you are planning for retirement and want to protect those investments and savings, consider a long-term care insurance policy now. Then you can choose the type of long-term care you prefer instead of leaving it up to someone else.
If you or a loved-one are considering Long-Term Care Insurance in Encinitas 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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