When it comes to helping aging seniors afford long-term care, there are several options available. One of those has the potential to keep these seniors from losing their homes and still being able to live their life on their terms.
Long-term care insurance is a valuable option for men and women as they get older. It can pay for a wide range of services, including home care. Not enough people, though, are fully aware that there is such an insurance policy on the market.
Another problem facing these aging men and women is that some don’t think a long-term care insurance policy would even be necessary until they are in their 60s, at the earliest. However, there can come a time when a person is denied the option of carrying a long-term care insurance policy.
Some people may be looking at long-term care insurance for other potential needs, such as nursing homes, that can also provide coverage for in-home care support, including medical care at home. As growing numbers of seniors prefer to ‘age in place,’ or remain in the home they are most comfortable, even if they require some type of ongoing care, the cost of that can be prohibitive.
Home care agencies can help seniors throughout their communities understand the value of this level of support as well as options available to help pay for it in the future.
As reported by Lou Michel in The Buffalo News article, How to keep nursing home costs from devouring your life savings, published February 3, 2019:
“There is the option of buying a long-term care insurance policy.
According to the American Association for Long-Term Care Insurance, a 55-year-old New York State resident would pay about $100 a month for a policy. That would entitle the policyholder to $164,000 in immediate coverage, if needed. By 85 years of age, the amount would increase to $256,000.
Beinhauer, the elder law attorney, pointed out that long-term care insurance payouts are generally not made in a lump sum, but dispersed monthly and may not equal the monthly nursing home bill.”
As we have reported repeatedly in recent months, outreach and offering free information and other resources is a powerful marketing tool. When home care agencies embrace public outreach, it not only raises awareness for the services they offer elderly and disabled people throughout their communities, it also boosts their reputation and image among those same communities.
Long-term care insurance is often overlooked, mostly because people aren’t aware it exists. By helping raise awareness, it can promote a more positive impression of that particular home care agency among its community.
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