Many people assume long-term care insurance is for nursing home care, and it often is, but that’s not all it’s for. It can also cover at-home care. Basically, it’s there to help you if you’re having at least a certain amount of trouble performing “daily living” activities such as bathing, dressing, eating, transferring in or out of a bed or chair, and using the toilet. To a lesser degree, it can also aid in activities such as managing money, doing heavy or light housework, taking medications, shopping, preparing meals, and using the telephone. It will typically pay a certain amount per day, which may cover all or part of your needs.
Long-term care insurance can cover expenses related to home care, adult day care, assisted living and nursing care. We at The Center for Elder Law prefer to call long-term care insurance as “STAY AT HOME INSURANCE.”
Another misperception about long-term care insurance is that it’s for old people. Remember that even young people can become temporarily or permanently incapacitated because of illness or accident. In many cases, disability insurance can cover these risks. But if you’re young, you might still want to look into long-term care insurance and what it can offer you. A bonus is that premiums are low for young people, and some policies permit you to pay for a number of years in your youth and will then cover you for the rest of your life. A little exploration can turn up some valuable coverage. The lifetime cost of long-term care insurance premiums usually will not equal the cost of a years care in a nursing home. We believe that if you are healthy enough to buy it, and can afford it without effecting your lifestyle then you should explore it.
If you would like to learn more about long-term care insurance please call The Center for Elder Law at 248.641.PLAN (7526).