At Home Care & Long-Term Care Insurance in Inver Grove Heights, MN
Comfort Keepers explains your at home care payment options, including long term care insurance
Comfort Keepers focuses on a comprehensive approach to at home care for seniors. Our services include personal care, such as bathing, grooming, and hygiene. Caregivers understand that seniors who regularly bathe, groom themselves, and have good hygiene feel better about their overall appearance. If you are worried about your beloved senior and their health, consider working with our team of caregivers in Inver Grove Heights, MN. While the cost of in home care may intimidate you, it is important to know that you have options when the time comes when you may have no choice but to hire a home health care provider.
Long-term care insurance helps seniors pay the costs of long-term care, which will prevent their life-savings from being depleted in the case of extended care. However, long-term care insurance coverage is expensive. Premiums increase with the age of the purchaser. According to The Wall Street Journal, a 55-year-old single adult can expect to pay $2,065 a year for $162,000 in benefits with 3-percent compound inflation protection (this increases your benefits to compensate for inflation).
If you have a significant income, premiums are affordable. However, it is important to make sure you can still pay the premium after your retirment. Also, if you have the resources to pay for care out of pocket, you may not be able to justify this expense. Consult a financial planner to help guide you through this decision.
Make sure to do plenty of research before you purchase a long-term care insurance. Some policies only cover specific types of at home care, while others cover an array of care, including a nursing home or facility. Be aware of the increase of premiums over time and with age - lifetime coverage can be extremely costly. Some policies have an "elimination period." This is a waiting time during which the covered individual will pay for his or her own care. It is important to know that the longer the elimination period, the lower the premium will be. Keep inflation in mind as you do research by knowing what percentage of costs your policy will cover, and realize that inflation will increase these costs. Many plans offer inflation protection, so be sure to look into this. Also, be sure to look up the eligibility of each plan. For example, some plans state that a senior qualifies when he or she can no longer perform the activities of daily living.
For more information on long-term care insurance and coverage for at home care, please contact our Comfort Keepers office in Inver Grove Heights, MN today.