These are individual insurance policies that can help you when you cannot take care of yourself due to illness or prolonged disability. However, they may or may not cover home health care, adult care or other alternative services.
Speak today with a Qualified Lawyer in Insurance Law for long-term care insurance:
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Long-term care insurance: housing and nursing care arrangements for a patient with Alzheimer’s – is expensive. It is important to prepare with time, taking into account the needs and preferences of the person with Alzheimer’s and their caregiver, anticipating future levels of care and considering current ones.
Long-term care insurance options:
Care in the elderly care centers can cost thousands of dollars per month. Families may have difficulty predicting future costs, in part because they do not know how long the person with Alzheimer’s will live.
Consider the following limitations with long-term care insurance care:
- Medicare (health care insurance) does not cover long-term care.
- In general, long-term care must be financed through personal reserves or private funds and insurance plans.
- Once these funds are exhausted, Medicaid (medical assistance program) can be used to pay for ongoing care.
- Private long-term geriatric care insurance is an option, but only if it was acquired prior to an Alzheimer’s diagnosis.
What’s more, you oppose the idea of ”wasting” money on expensive premiums for something you’re pretty sure you’re never going to use. Why not invest that money and use it for care if it were needed? If you do not use it, your children will inherit good savings.