Plan For Your Future

Long Term Health Care (LTC) Insurance is a life-planning strategy to insure coverage for the unexpected. Many savvy and (financially) able people initiate policy coverage in mid-life. This direction enables them to gain insurance coverage while healthy, and insure the benefits needed when they are elderly or infirm. It can be a purchase which will guarantee a minimal standard of living and treatment for those who may fall sick for an extended period late in life.

LTC comes in many sizes and shapes. Be conscientious and careful to read, review, and understand the details of the policy coverage with your insurance broker. Compare and contrast benefits. For example, Home Care Partners has worked with clients carrying widely divergent coverage benefits. In one case, our client was covered for 24 hour per day, 7 days per week homecare coverage re-imbursement. Our staff provided the homecare assistance, and the client was eventually fully re-imbursed by their insurance policy. In another case, our client took advantage of a daily per diem fee which covered homecare services. More specifically, her policy covered up to $150.00 per day of homecare services. So our client could choose to have homecare staff daily, or on selected days. And she was covered for approximately six hours of care service through her long term care insurance. Not a dime came out of her pocket. Home Care Partners directly invoiced and was paid by the insurance carrier.

Clearly, there is a “life-planning” function which will require much greater personal ownership and awareness as our population ages. This will require a complete “mind-shift” for many seniors, who: 1) never realistically expected to live this long, and 2) somehow expected and assumed that services such as Medicare would “take care of me” as needed. There are no real comprehensive and all-inclusive services available to the general population. Medicare does not cover areas such as assisted living facilities, which is a very hefty monthly expense requiring private pay. Medicaid will provide nursing home coverage for those seniors will very little financial assets.