Sunday, May 26, 2024

Long Term Care Insurance and Home Care

Did you know that Long Term Care Insurance (LTCI) can help pay for non-medical home care? Many of our clients at Aaron Home Care pay for caregiving services with their LTCI benefits. If you have a LTCI Policy, you’ve probably been paying into it for years. You should maximize the benefits you deserve by understanding how it all works! This article covers some of the basics, but please know, all policies are different.

Know your benefits.

Review the details of your LTCI policy now, if you haven’t already. Not all policies are the same. Will your policy cover in-home caregiving, assisted living community living, or both? Are there any conditions or allocations attached? What is your maximum daily, weekly, or monthly benefit? Clients are often surprised when their LTCI benefits don’t cover the full cost of the care they actually need. Knowing these numbers will help everyone budget for all eventualities.

Know what “ADLs” are.

Most insurance companies will trigger LTCI benefits when you need assistance with at least two (2) of six (6) Activities of Daily Living, or ADLs. They are:

  • Bathing
  • Dressing
  • Eating
  • Transferring
  • Toileting
  • Continence Care

Understand what your “waiting period” is and how it works.

Most insurance companies require a waiting period, also known as an “elimination” or “deductible” period, where policy holders are responsible for the cost of care after the benefit is triggered. This waiting period can range from 10-180 days, and there are different ways a company can structure this. Many people wait until full-time care is needed before triggering their benefits, not realizing that they will have to pay for the full cost of care for the length of this waiting period.

With a full understanding of how your waiting period works, you might choose to trigger your benefit sooner, when less care is required, resulting in having to pay less out of pocket.

Take advantage of the LTCI benefits you’ve been paying into.

If you have a Long Term Care Insurance  Policy, you’ve probably been paying into it for years. You should maximize the benefits you deserve by understanding how it all works.

Will Aaron Home Care Review My Policy with Me?

Absolutely! At Aaron Home Care, we are happy to review your existing long-term care insurance policy at no cost and no obligation to verify your home care coverage.

Together we will review your policy documents, and we’ll examine the benefits outline, daily/monthly limits, approved provider requirements, and any other home care coverage details.

We have extensive experience navigating long-term care policies. We’ll provide a summary of what home care services are covered and answer any questions you have on getting the most value from your unique policy. Knowing exactly what’s covered reduces confusion and makes it easier to submit claims once home care begins. Give us a call at 619-880-5522 to schedule an appointment today.



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