The Caring Corner®
Important Tips for Long-Term Home Care Insurance in Chapel Hill
Long-term care insurance is designed to cover long-term care services and supports, including personal and custodial care in a variety of settings such as your home, a community organization or other facility. Long-term care reimburses policy holders a daily amount up to a pre-selected limit for services to assist with daily activities such as bathing, dressing or eating. There are a range of options and benefits that determine the cost of the policy such as your age, the maximum amount paid per day, the maximum number or days or years the policy will pay, the maximum amount per day times the number of days determines the lifetime maximum the policy will pay and any optional benefits such as inflation increases. Seven out of ten Americans are likely going to need it at some point in their lives according to government statistics.
There are a few tips to help you decide if it is right for you. First, only purchase the policy if the premiums can be paid from savings or savings you don’t mind using from your income. Do not sacrifice your standard of living in order to pay premiums you cannot afford. Second, it is a good idea to purchase an inflation rider so that you get the coverage you need in the future. Nursing home fees exceed the normal inflation rate and it won’t do you any good to be getting a $100 per day coverage when costs are $350 per day when you are using it. Next, it is a good idea to purchase home care in addition to nursing home care. This will allow you the freedom to make decisions about your care without feeling the pressure to move into a nursing home. Lastly, only buy your policy from top-rated companies and only if you can afford it. This will make the policy more expensive than cheaper companies, but it is not favorable if you purchase a cheaper policy that does not provide the coverage you need.
Purchasing long-term care insurance can bring you peace of mind as you age. It is a good idea to do your research and find the best policy for you. Medicare does not generally cover long-term care, so it is important to plan accordingly as you reach retirement age.
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