There’s No Place Like Home
There is no place like home is what consumers say when they inquire into long-term care insurance. The common belief is that long term care insurance is for nursing home care. Truly, the case is that a long-term care policy is nursing home avoidance protection.
The number of Americans in their 70’s and 80’s and older who are living in their homes is increasing while the number of people in nursing homes is decreasing.
The US Census data shows that households headed by individuals 75 yr or older has increased by 13% since 2003.
Over half of newly opened long term care insurance claims pay for home care. The cost of care at home can be lower than nursing home care. An exception maybe when 24 hour care is required.
When considering a long term care insurance program, focus on comprehensive policies. These policies will provide benefits whether the care is provided in the residence or in a facility. They usually cover community based services such as adult day care, medical models.
In the next issue, I will discuss the hybrid long term care programs and life insurance with a long term care rider. Also, I will discuss the cost of family provided “free” care which is not free at all.
If you or someone in the family has a long term care policy and you have forgotten what is covered, contact me for a review. Nancy at 914 242 3250, firstname.lastname@example.org