Long Term Health Care Insurance Information for Elderly Parents
A question that comes up when elderly parents begin to realize that they are approaching their golden years is where can they get coverage for car, travel or care? Surely they're a high risk factor now. Fortunately, there are still carriers that are willing to insure seniors, and many different types are available. In this instance we will go over some of the issues to think about for long term care insurance.
Long Term Health Care can be delivered through the use of a licensed nurse that will provide in home care for lengths of time ranging from once a week, to once a day depending on the requirements of the elderly parent. Typically, Long Term Care is required for chronic illnesses that can last an undetermined amount of time and can be delivered in the home or other care facility. A specially licensed caregiver such as a Registered
Nurse(RN) or Licensed Vocational Nurse (LVN) can visit the elders’ home, and depending on what is required of the nurse, he or she can simply change bandages and leave, or stay to assist the senior for the day. Although long term care coverage can be used for in home care, this may apply to commercial enterprises as well such as nursing homes. Talk to your insurance company to determine the type of certifications or licenses required of the caregiver for coverage.
Coverage – do you want coverage for nursing home or home care or both?
Is it important to have Mom and Dad cared for just during the day or is around the clock care required?
Is it important that coverage begin immediately upon need or can you pay some expenses and have the coverage/benefit delayed? The longer an elderly parent can pay these expenses out of pocket, the less the potential cost of the premium may be.
How long do you want the coverage to last? Most coverage can provide for multiple years for care however, term of coverage and benefit periods vary by carrier.
Nursing Home Care
Assisted living services that can be provided in other than the elderly parents’ home.
Aid for in home care such as bathing, dressing, eating, cleaning of the home can be provided.
Long Term Health care may be available with your current policy, however discussing additional requirements with your provider is recommended, as care and coverage is different for each company.
Although it is important to begin the process early to acquire long term care coverage it is never too late to at least speak with your current provider about what kind of coverage is available and how your elderly parents can obtain coverage. Obviously the later stages of life bring with it added costs for coverage, so begin the process as early as you can.
What will the premium you pay provide?
When will the benefit period begin and when will it end?
What type of care is provided and what will be paid?
Where can the care be provided? Can Mom stay in her home and have the caregiver provide in home care? Is it nursing home care only? Assisted living care? A combination?
What type of expenses will the elderly parent be expected to pay? How is the deductible paid? How much will it be?
Do we continue paying premiums once care starts?
Will this coverage be enough if Mom does not need care for years in the future and costs rise? Does the coverage match the rate of inflation?
As you can see, there are numerous questions to consider and policies available for seniors, it is important to shop around and find the one that's right for your elderly parents.