Some of the most heartbreaking photos during the initial months of the pandemic were photos of the effect it caused on one of the most vulnerable populations, such as our seniors. Birthday parties in windows or the insecurity of lockdowns, many would prefer to live at home with the freedom it brings.
The issue is that many folks do not have a treatment plan in place. If you don’t plan for what might be the outcome if you have to seek medical treatment and you’re stressed, it could cause stress on your budget, health, and family relationships.
Many assume they are entitled to Medicare or Medicaid will pay for their healthcare costs, but it’s usually not the situation. Long-term care is costly, and prices are rising rapidly. A decline in birth rates is a factor, and the result is clear the cost of home healthcare will become much more expensive over the following years.
Long-term care insurance is a step into play if you have an illness that requires treatment and supervision. It is where long-term-care insurance (LTCI) could help. LTCI covers the care you receive at home, in assisted living, and nursing home facilities. It’s surprisingly cost-effective, particularly for people who are older and healthier. The benefits typically come tax-free.
Three things the majority of people don’t know about long-term-care insurance:
1: The Main Focus Is on the Home Care Benefits but Not Nursing Home Benefits
As we said, LTCI may cover memory and nursing home care. However, most people prefer to remain at home, and that’s where this insurance excels. If a primary caregiver requires assistance, they should contact the insurance provider, who will assist in finding the exemplary local home care service. Most of the time, the insurance company will pay fees directly to the home health care agency. They will permit you to switch if you’re unhappy with the agency. Managed care favors the organization rather than the family.
2: Long-Term Care Insurance Plans Help Deal with Inflation
Programs provide inflation riders that allow you to cover the expenses of caring. Benefits can increase automatically to meet the rate of inflation. Some riders will increase benefits every year.
3: There Are Many Options Available to Pay for Premiums
LTCI has policies that fit every budget. For instance, clients who have investable assets may reposition some of their assets to purchase one premium plan. Also, one can buy the premium for 10 years or until age 65. There are also ongoing premiums that can pay reasonably monthly.
When you first begin looking into long-term insurance, the choices can seem overwhelming. Consulting an insurance professional experienced in LTCI can help you choose the most suitable policy to suit your needs. Get started with our Ottawa Life Insurance and contact us at (613) 454-1424 or mail us at info@ottawa-lifeinsurance.ca.
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