The adult children of clients we serve routinely ask me if they should get Long Term Care insurance. I am not an insurance agent. I don’t market any insurance. Even so, I am more than willing to share my experience. Typically, the adult children see either the benefits of having Long Term Care insurance or the need for it. Let me explain.
It used to be that Long Term Care insurance was known as “nursing home insurance.” In short, it was insurance that would pay for a skilled nursing facility. Period. As consumer demand shifted and evolved over time, policies did as well. It is uncommon for me to see a policy anymore that does not pay for private duty home care.
The reason for the changes in policy coverages through the years is clear. Most everybody wants to age in place rather than be relocated to a facility. Don’t get me wrong, there are some marvelous facilities in central Arkansas that I would gladly reside in, but the reality is that most people would prefer to stay at home if at all possible.
Having Long Term Care insurance keeps you in control of where you receive services and from whom. It can better allow you to maintain as much independence as possible in the setting of your choice.
A common theme I hear is that Long Term Care insurance is too expensive. It’s true. It is not inexpensive. However, I remind people who have it that they might recoup a full year’s premium for every month of service, and at that rate it can make perfect financial sense. Even better, some of the newer policies convert into a life insurance policy in the event it is never used.
Home Helpers serves many people with Long Term Care insurance with policies from Genworth, Bankers Life, John Hancock, UNUM, Northwestern Mutual, etc. We’re comfortable with the claims processes and reporting guidelines.
As a standard course of discharge when a patient requires assistance once they return home, we encourage discharge planners to ask about coverage. If their patient has it, we could certainly make their lives easier at home and potentially even reduce hospital readmissions due to the person doing too much too soon.
Should you get Long Term Care insurance? That is a question better addressed with your financial advisor or insurance agent. If you are interested, I’d be more than happy to recommend some very knowledgeable agents. Shoot me an email and I’ll reply with a few names and numbers.