If you’re helping care for an aging parent the idea of long term care insurance may come up. Typically, long term care insurance is purchased when adults are between 50 and 65 years of age. The later it is purchased the higher the premium, but the earlier it is purchased the longer that premium will be paid.
Long term care insurance can help cover the cost of care when your elderly loved one has a chronic health condition, a disability or a disease (such as Alzheimer’s). Most policies will pay for care provided in many settings, including an acute care center or nursing home; adult day care center; assisted living home; or for at-home care in the person’s own home.
A study from the US Department of Health and Human Services estimated that about 70% of Americans who are age 65 or older will need some type of long-term care during the remainder of their life. Some have families who can provide care, at least in the early years, but if skilled care is needed the senior’s resources may be needed to pay for those services.
- your age when you buy the policy.
- the waiting period before benefits can begin.
- the amount of money the plan will pay per day of care.
- the maximum number of days per year it will pay. The amount per day and the number of days will equal the total lifetime value the policy will pay.
- other benefits you include, such as protection against inflation.
At BeeHive Home Care of New Mexico, our in-home staff offer residents care that is covered under long term care policies. Our caregivers offer personal, professional care for assisted living, memory care, dementia and Alzheimer’s care, respite care, and assistance for veterans. Please let us know how we can help your family.