What Bethesda-Area Families Should Know About Long-Term Care Insurance

When trying to find a suitable long-term care option for an aging parent or relative in Montgomery County, MD, it is normal for families to feel stressed and anxious. One crucial point of concern is how much their care will cost. If a loved one is in a situation where they may require long-term care, it is important to make preparations for how much their care will cost and how you will pay for it. Most long-term care providers do not accept private health insurance, Medicare, or Medicaid as means for paying for care since they primarily assist seniors with personal care and Activities of Daily Living (ADLs).

However, purchasing a long-term care insurance coverage for your loved one may help alleviate the financial burden of caring for them. Keep reading to learn everything locals in Bethesda, Silver Spring, Aspen Hill, Colesville, Laurel and the rest of Montgomery County need to know about long-term care insurance.

Here’s What Bethesda-Area Families Should Know About Long-Term Care Insurance

What is Long-Term Care?

Long-term care is a service that helps people over the age of 65 or individuals with a disability or chronic illness maintain their health and independence. Long-term care often includes help with ADLs like cooking, bathing, getting dressed, cleaning, running errands, shopping for food, taking care of pets and other non-medical tasks.

Seventy percent or more of Americans over the age of 65 will need long-term care at some time in their life, according to a study published by the U.S. Department of Health and Human Services.

Can Long-Term Care be Provided at Home?

Yes. Long-term home care is becoming more popular for senior in Bethesda and surrounding areas over time, displacing the once-favored alternative of residential care. About two-thirds of people who need long-term care are able to stay in their own homes with the help of caregivers.

Having to uproot a loved one and relocate them to a new setting is a difficult decision that can be avoided with home care. It's been shown that elderly people who get long-term care at home are better served in the long run than those who relocate to an assisted living facility. Seniors with health issues that impact their memory and cognition may have trouble adjusting to new situations, making home care a preferable option. It's also a better choice for elderly people who have upgraded their homes over the years for increased safety and ease of use.

How Much Can Long-Term Care Cost in Bethesda and Nearby Areas?

Long-term care in Maryland can get expensive, with monthly costs estimated by Genworth to be over $5,000 for home care and over $12,000 for a private room in a nursing facility. The vast majority of people who need long-term care will require this level of assistance for at least five years, which means that the associated costs can quickly build up.

What is Long-Term Care Insurance?

Long-term care insurance is a policy that may assist individuals in covering the costs of professional long-term care. Because of the high cost of long-term care and the need to protect family assets, this kind of insurance may be beneficial for seniors in Montgomery County.

In many cases, long-term care insurance will pay for professional assistance with ADLs like getting dressed, bathing, eating and moving about. Depending on the provider and policy, your loved one's coverage may also include services like light cleaning, laundry, medication reminders and errand running.

Should My Loved One Consider Long-Term Care Insurance?

According to the National Association of Insurance Commissioners, if you're worried about having to pay for a loved one's long-term care out of pocket and they have a good income or assets they'd rather not use, and you're confident they can afford the insurance premiums, you should encourage them to invest in a long-term care insurance policy.

How Does Long-Term Care Insurance Help Pay for Care?

Your loved one should look into their options for long-term care insurance as soon as they realize they may need ongoing care in the future. Their provider won't start paying out until they approve their care plan. When filing a claim, your loved one may be asked to provide medical records and undergo an examination by a nurse.

Once they've gotten the care they need during that time, their insurance policy will start paying for the costs. Your family member may go through a "elimination period" when they are responsible for all costs associated with treatment. The duration of the elimination period may range from 30 to 90 days, depending on the specifics of the situation.

One can choose an indemnity policy, which will pay the full daily benefit regardless of the cost of care; or an expense-incurred policy, which will reimburse expenses based on the lesser of the cost of care and the daily benefit.

How Much Can Long-Term Care Insurance Cost?

The cost of long-term care insurance for your loved one will depend on factors such as the insurance provider they choose and their current health and financial status. Some of the factors that can go into the cost of their insurance policy include how much coverage they pay for, the insurance provider they choose, your loved one’s age and health at the time of making a purchase (many insurance providers will refuse to cover applicants above the age of 75 or applicants who have preexisting conditions and already need assistance with ADLs) and the gender of the policy holder (women tend to pay more for long-term care insurance since they live longer on average and are more likely to file a claim).

Keep in mind that the cost of long-term care insurance premiums might go up in the future. But the benefits might increase with time as well. The American Association for Long-Term Care Insurance estimates that a healthy 55-year-old man would pay around $1,700 per year for a policy with a lifetime benefit of $164,000, and that a healthy 55-year-old woman would pay around $2,675 for the same coverage. Also, if their policy has a yearly compounding rate of 3 percent, the lifetime benefit may grow to $386,500 in 30 years.

Why Choose Long-Term Care at Home from Visiting Angels of Bethesda?

If you are looking for a trustworthy organization to meet your loved one's long-term care needs, Visiting Angels of Bethesda is your best option. Since 2002, we've been providing quality home care to seniors throughout Montgomery County, including Bethesda, Silver Spring, Aspen Hill, Colesville, Laurel and the surrounding areas.

Visiting Angels of Bethesda's long-term care services are especially helpful for elderly adults who have problems remembering things, such as those who have dementia or who have had a stroke, or who have difficulty doing routine tasks because of chronic illnesses or advanced age-related issues. Visiting Angels of Bethesda provides reliable in-home care, so your aging loved one may remain independent and at ease without leaving the familiar surroundings of home.

Visiting Angels of Bethesda does not accept Medicare or private health insurance, but we do our best to keep our costs low so that we can help as many seniors in our community as possible. Our commitment to providing specialized, one-on-one care for each of our clients makes us unique compared to other Bethesda-area home care agencies. That's why we'll work with you to create a care plan that's unique to your loved one's needs and preferences. Because you'll only pay for the care your loved one requires, this lets them preserve their independence and lowers the costs of long-term care.

Our home care services include:

• Meal planning and preparation
• Medication reminders
• Personal hygiene assistance
• Mobility and ambulation assistance
• Light housekeeping
• Toileting and incontinence care
• Overnight monitoring
• Incidental transportation
• Help with running errands
• Companionship
• And so much more

Call our Bethesda, MD office at 301-490-9050 or fill out our form to schedule a free in-home consultation with our senior care experts today!