Your parents are getting older and need help at home. Medical insurance will not likely cover the cost of homecare services. Many families find this out at a point when they most need help figuring out the cost of homecare services.
Long-term care insurance is a policy that pays a specific amount each day to cover senior care services. Experts feel the best time to enroll is in your 50’s, but if your parents are older, they may still qualify. Rates will simply be a bit higher.
Pros and Cons to Long-Term Care Insurance
Long-term care insurance is really helpful when your parents need homecare services. The thing is that there are waiting periods before coverage kicks in. Say your parents enroll and a month later your mom falls down and needs homecare. Most policies require a three-month waiting period. For two months, your parents will be paying for homecare out of pocket.
Many seniors have at least one chronic illness by the time they’re 55. Arthritis, obesity, high blood pressure, heart disease, diabetes, and cancer are some of the conditions or diseases that can keep your parents from qualifying for long-term care insurance. It may be too late for them to get the insurance if something is found during the medical screening.
There are policy limits. Your parents may need to pay X amount before the long-term insurance care starts covering the cost of homecare. Your parents may have a daily limit on how much the insurance will pay for. If your mom’s homecare costs $200 a day and the policy only pays $150 daily, your mom and dad will have to pay the $50 difference each week using their own savings.
Long-term care insurance only covers a certain period of time. If the policy provides a daily benefit of three years and your dad lives longer than that three years, he’ll have to try to renew his policy at a new, higher rate or start paying for homecare using his own money.
The monthly premiums for long-term care insurance are rarely fixed. Your mom and dad may think everything is okay and get a letter that their premiums are about to increase. If they can’t pay the new monthly premium, they have to cancel their policy or agree to reduced coverage.
What Are Alternatives to This Insurance?
Take what your parents would pay for long-term care insurance and set it aside in a savings account. When the time comes for homecare, there is money set aside. You can also save money by pairing professional caregivers with family caregivers.
Talk to a representative at a homecare agency to learn more about ways to make senior care affordable. By balancing caregivers with care services you also provide to your parents, it’s possible to make sure they have the home care services that keep them safe and happy. Call today.
If you or an aging loved one are considering hiring professional Homecare Services in Morris County NJ, please talk to the caring staff at Generations Home Health Care today. Providing Home Care in Somerset, Essex, Union, Morris and Hunterdon Counties. Call us today at (908) 290-0691 or (973) 241-4534.
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