6 years ago ·
by Alston ·
Comments Off on Buying Nursing Home Insurance
There are several things to look for in a long term care or nursing home insurance policy. You want to buy from a company that will keep its promises to you. You want to get the right amount. You want inflation protection. You want the right length of coverage. You want a good price.
Since the cost of nursing home care is so expensive today, this can be one of the most important parts of planning for your financial future. Failure to sew up the hole in your pocket can mean that you wind up with nothing, no matter how much money you put in.
Medicare provides very limited coverage for nursing homes and home health care. You may have to spend virtually all your savings, assets and income on your care before Medicaid will pay. (This means that the money you saved all your life goes to the government instead of your children.)
When buying nursing home insurance or any other type of insurance, you want to buy from a company that will be there when you need them. The companies that do the most advertising are often the most financially stable, but you shouldn’t limit yourself to only those companies.
You can Start Researching Companies by Taking the Following Steps:
- Ask your state’s department of insurance to see if a given company is approved to sell in your area. (You can also ask them for a list of approved companies that sell a given line of insurance.)
- Ask your department of insurance about complaints against the company.
- See if they are financially stable by checking their AM Best rating and/or Standard and Poors rating.
How Much Coverage Do You Need?
There is no way to tell exactly how much coverage you will need since the timing of your need for care is unknown. However, you can get a good idea of what it costs to be in a nursing home today. You can simply call various nursing homes to see what their current rates are. Be sure to contact facilities that provide the level of service you want and that are in the right geographic area.
Inflation Protection is Important
Since you will hopefully live for many years in your own home before you will need care in a nursing home or home healthcare services, inflation protection is important. Most plans will allow you to purchase an inflation rider.
How Long Will You Need Care?
If you can afford it you should consider coverage won’t end if you happen to live too long. You can save on your monthly premiums by purchasing a policy that only covers you for a certain number of years as a nursing home resident. However, the increase in premiums is generally worth it because prices for longtermcare are likely to increase also.
The average nursing home stay is only a few years, but some people will live in a nursing home for over a decade. One reason for this is that not everybody goes to a nursing home as an elderly person. Often a non senior who has a medical condition will be too sick to stay home, but not sick enough to be in a hospital.
This is why it is important to think carefully before deciding to limit the number of years your policy will pay for your care. You should not have to worry about living past when your longterm care policy benefits run out.
How Much Does it Cost?
The prices vary quite a bit from company to company. Your age and health impact the rate as well. The premiums can look like mortgage payments if you wait too long to buy a policy. However, they are generally affordable if you purchase a policy before retirement age if qualifying medically is not an issue. The medication you take can impact the price of the program, but not all medical conditions are serious enough to make a difference.
You can get more information about how the policies work you can request nursing home insurance rates rates from this website. You will get information about prices, the terms and conditions of the various policies. To get the other information you need to assist you in making a decision you will be given contact information for an agent who serves your local market. The agents we work with have typically assisted clients for years and look forward to helping you reach your personal financial goals.
7 years ago ·
by Alston ·
Comments Off on More than Rest Home Insurance
The typical rest home insurance policy (also known as a long-term care policy) covers a lot more than rest homes.
This is an important fact. Most people who are disabled or elderly want to spend as much of their life at home not in a home. However, their inability to do certain things may mean that they cannot stay out of a facility with professional services.
Often their adult children are willing to do what they can to keep them out of a nursing home. However, they may not be able to keep their jobs and do everything that an aging parent needs.
This is where a so-called “nursing home policy” can make a difference. These policies will often pay the cost for home health care and respite care.
These additional coverages are in everybody’s best interests. It keeps the insured at home and it saves the insurers money. It makes sense financially. It also makes sense based on what people what for themselves and their loved ones.
Home health care can mean that a nurse’s aide can come to the person’s home and take care of them while their child goes to work. This can make a huge difference. It can allow someone to stay home for much longer than they would otherwise.
There are home health care businesses all over the nation that can provide your family with a competent home health care professional person who can help you. You can contact one of these businesses and interview them to make sure you are comfortable with the care they can provide.
Respite care is a little different. Sometimes a person who is at risk for being in a rest home is able to get along by themselves most of the day. They don’t need company all day. They just need someone to help them bathe or they may need someone to prepare meals for them.
This means that the family member who takes care of them can go to work but can never leave the state or take a personal vacation. This can make living a normal life very difficult for that caregiver.
Respite care can come to the rescue in this situation. This pays for a home health aide to care for the family member who is unable to care for themselves. This allows the caregiver to take a break.
Most LTC plans provide both respite care and home health care benefits. As stated above, longterm care policies have more benefits than most people are aware of and these benefits are generally available at no extra cost.
Rest home insurance does much more than just covering nursing home stays. It can cover home health care and respite care. It can keep you, your mother or your disabled child out of a nursing home and home with family members. This can have a tremendous positive impact on quality of life.
7 years ago ·
by Alston ·
Comments Off on Why & Where to Purchase Nursing Home Insurance
Why purchase nursing home insurance?
A nursing home stay can mean that a lifetime of savings vanishes right before your eyes like a magician’s trick. In most parts of the United States the cost of a nursing home stay can exceed one thousand dollars a week.
The average nursing home stay is about two and a half years. A cost of over one thousand dollars a week can mean a rapid evaporation of your assets. This can disenfranchise your wife or husband leaving them little or nothing left to use for buying food or medical services. With no insurance plans or policies in place, this can mean that no financial legacy is left behind for your children or grandchildren.
Home health care is also covered by many nursing home insurance plans. Since the cost of home health care can be quite high, buying insurance that covers it can provide important protection for your family.
Because your health can affect your premium and even your eligibility, you must purchase a nursing home insurance policy while you are healthy. Because age affects the price of these policies, you get a much lower rate when you are younger. Many Americans plan ahead and purchase their policies when they are in their forties or fifties.
Purchasing a policy when you are younger means you pay less. Buying a policy also gives you another important benefit. It will cover you starting at an earlier age.
A nursing home is for people who do not need the level of care needed in a hospital, but are unable to live at home. This can mean that a fifty-three year old stroke victim needing longterm care needs to be in a nursing home. Those without family members to take care of them are particularly at risk.
Many living in a nursing home are well under retirement age. A twenty-year old car accident victim with a traumatic brain injury my find that she has no insurance to pay for her stay.
Your health insurance policy is unlikely to cover an extended nursing home stay and you are at risk for being in a nursing home at any age. Many people do not know this and therefore think they have more longterm nursing home protection than they do.
Your health insurance policy probably covers a few months in a skilled nursing facility. It probably does not cover any time in an intermediate care nursing home facility. It probably does not cover any time in a custodial care facility.
Since most nursing home stays are in either intermediate care or custodial care facilities, a nursing home policy is important.
These facilities are full of people whose health insurance policies will not cover the cost of their care. This means that either the state pays their way or the cost comes from their savings. Since the state tries to get all of the assets it can from the people in the nursing home before it will pay, the importance getting this coverage cannot be over emphasized.
Where to Purchase Nursing Home Insurance
You can find rates for nursing home insurance on this site. If you use this site, you will be contacted by an agent who serves your state and who can help you make the right decision about buying coverage. If you prefer to look in the phone book you may find that the term “long term care” is used to describe these types of insurance plans.