Long-Term Care Insurance Options To Consider

by Anna Glendenning | More from this Blogger

12 Nov 2006 04:27 PM

In this series of Blogs we have been looking at Choices, families have when a member is no longer able to care for him or herself. We have looked at the history of Long Term Care Insurance and considered the risky nature of these policies verses the fact this is the only option for insurance families have to cover the catastrophic costs of long-term care for our parents and ourselves in the future.

The fact is that more than 70% of those reading this Blog will live to retirement age and will need long term care at some time in our lives. Moreover, it isn't hard to imagine each one of us may face a situation in our lives where we are responsible for making long-term care choices for someone we love. How do we decide if long-term care insurance is something, we might need?

It's important to think about the level of care you'ld be responsible for providing someone you love or would want to depend on someone else to give you. Some long-term care insurance plans will only cover care provided in a nursing home or assisted living facility and other plans will cover care and services someone receives while still living in their home or with a family member.

The majority of people need long term care while still living in their own home or with a family member. Nursing home care or assisted living facilities are often the last resort for families providing long-term care for someone they love. If you or your loved one is secure in the situation of being cared for in your own home or with a family member a Facilities-Only Option Long term care insurance may be a good choice. These policies offer coverage for the most expensive, last resort of need, and have lover premiums.

If someone would like to stay in their home and pay for less expensive but routine care a Comprehensive Option may offer benefits for in home care service received outside of a nursing home or assisted living facility. The Comprehensive Option does have higher premium rates but the benefits covered include services that might make it possible for families to continue to provide care for a family member.

In order to decide if any Long Term Care Insurance option would be best for you it is important to consider several things:

• The cost of care in your area and community. Service costs can vary greatly depending on the geographic area long term care services will be needed. These costs are generally higher in metropolitan and city areas.
• The type of care you or a loved one might need. A Comprehensive Option to cover services and benefits while living at home or with a family caregiver, or A Facilities-Only Option to cover only the need for nursing home of assisted-living facility long-term care needs.
• The cost of the insurance and premium rates. Are there funding choices from savings, health savings accounts or other investments to help pay the cost of the insurance premiums for the long term?
• What portions of the costs of care can you or your loved one cover out-of-pocket in order to coverage amount and lower premium?

I still haven't decided if this is the kind of insurance, I would want to buy for my parents or my self yet. I tend to feel it would be nice to have in the event I ever needed it but I haven't investigated what the exact premium costs might be and what other risk factors may be considered.

The next Blog will help readers find the right kind of Long-Term Care Insurance resources and avoid purchasing the wrong kind of insurance to meet the risks and needs you want to cover.

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Other Blogs In This Series:

• What Choices Are There When Someone Can't Take Care of Themselves Any Longer?
• What is Long-Term-Care Insurance?
• Long-Term Care Insurance Options To Consider
• What to Look For Before Purchasing A Long Term Care Insurance Policy
• What Age Is Right To Purchase Long-Term Care Insurance?
• Long-Term Care Insurance Policy Features to Look For

Related Blogs:

• Would Your Family Survive Without You?
• Social Security Disability
• How To Get Information About Medicare

Glossary of Insurance Terms:

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q-R | S | T | U-V | W-Z

Families.com Blogs are for informational purposes only. Families.com assumes no responsibility for consumer choices. Consumers are reminded that it is their responsibility to research their choices properly and speak to a certified insurance professional prior to making any decision as important as an insurance purchase.

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