What You Need to Know about Long-Term Care Insurance in Clinton Township, MI
When many people think of long-term care (LTC), the first thing that comes to mind is a nursing home. While long-term care insurancecan be used to offset nursing home care costs, it can also be used in variety of other situations, such as paying for in-home care in Clinton Township, MI. Long-term care insurance is designed to help pay for care that may be needed on a daily basis for an extended period of time. It goes beyond the scope of coverage provided by typical medical insurance.
Whether you are living at home, in an assisted living facility, or in a nursing home, you may benefit from long-term care insurance. However, the catch is that you want to start planning ahead before you need these services. Rates are often based on your age, health, and income when you apply. If you wait until you are in poor health or have serious medical needs, you may not qualify for coverage, or may pay a significant premium. Many advisors recommend individuals start investing in long-term care insurance in their 50s, before they hit retirement age.
Choosing a Policy
Every state has different requirements for policies, so coverage and costs will vary depending on where you live. Work with a professional who has been trained in long-term care insurance policies and can help you determine what works best for your anticipated needs and budget. You may qualify for a group plan through your employer, a State Partnership Program, or a joint policy with your spouse or partner, but talk through the benefits and drawbacks of these options to figure out what the best plan for you is.
What is Covered?
Many people do not realize the diverse range of services that LTC insurance can be used for. It can help offset costs of nursing home or assisted living facilities, but it can also be used for in-home care if you choose to age in place, or adult daycare services. In addition, some policies also cover home modifications so you can make necessary renovations for your home to be safer to live in as you age.
Why Invest in LTC Insurance?
The average life expectancy of both men and women has increased, and many people are living into their 80s, 90s, and even 100s. There is no way of knowing whether you will need long-term care benefits or not, but it is often better to err on the side of caution and have them just in case.
In addition, many seniors do not understand the terms of their policy and may be missing out on taking advantage of benefits that are available to them. You may qualify for benefits once you require assistance with at least two to three activities of daily living (ADL) or more. This includes things such as getting dressed, feeding yourself, bathing, using the restroom, or walking.
You don’t want to wait until these issues arise to start thinking about LTC insurance, because by then it may be too late to qualify for affordable coverage, or coverage at all. Start planning ahead so that you can benefit from in-home care services like those provided by Always Best Care and age in place more safely and comfortably. Take some of the stress out of getting older and receiving the support you need to maintain a positive quality of life.
Contact Always Best Care Clinton Township at 586-203-2157 for a free consultation and to discuss how long-term care insurance may help cover available services and provide you with the support you need to age-in-place more safely and comfortably.