Guide to Long Term Care Insurance for Maryland Seniors

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According to a recent report from the United States Department of Health and Human Services, 70 percent or more Americans over the age of 65 will need long-term care at some point in their lives. However, it is natural for families to feel overwhelmed and nervous while attempting to find a good long-term care solution for an elderly parent or relative who lives in Carroll or Howard Counties. The cost of long-term care is a major factor for families to consider. Since most long-term care providers do not accept private health insurance, Medicare or Medicaid as means of payment for care (since they mainly provide assistance with personal care and do not provide any sort of medical care), it is important to make preparations for how you will pay for care if a loved one is in a situation where they may require long-term care.

However, if your loved one requires in-home long-term care, investing in a long-term care insurance policy may help reduce some of the financial strain that can come with the care they need. If you or a loved one live in or around Eldersburg, Westminster, Baltimore, Columbia, Ellicott City, Randallstown, or anywhere else in Carroll or Howard Counties in Maryland, read on to understand what you need to know about long-term care insurance.

JUMP TO: The Need for Long-Term Care Insurance in MD | What is Long-Term Care Insurance? | How Does Long-Term Care Insurance Work? | Elimination Period: How Does it Affect Coverage? | What Expenses are Covered by Long-Term Care Insurance? | What Affects the Cost of Long-Term Care Insurance? | Why Choose Visiting Angels?

The Need for Long-Term Care Insurance in Maryland

Genworth estimates the monthly cost of long-term care in Maryland to be over $12,000 for a private room in a nursing home and over $5,000 for in-home care. Most people who need long-term care will need it for at least five years, which means that the costs can add up quickly. That’s why it’s so important for families in Carroll and Howard Counties to look into their options for long-term care insurance.

What is Long-Term Care Insurance?

Long-term care insurance is a type of insurance coverage that can help people pay for the costs of long-term care provided by professionals. Seniors in Eldersburg, Columbia, West Baltimore, and Maryland may benefit from this kind of insurance policy due to the high expense of long-term care and the necessity to preserve family assets.

Long-term care insurance often covers the cost of having a caregiver help with Activities of Daily Living (ADLs) including getting dressed, bathing, preparing meals, and mobility assistance. Light housekeeping, laundry, medicine reminders, and errand running may also be included in your loved one's coverage, depending on the provider and insurance.

How Does Long-Term Care Insurance Work?

Your loved one should look into their choices for long-term care insurance as soon as they understand they may need this level of care in the future. Their care plan must be approved before their provider pays out. In order to process a claim, the insurance company may need medical documents and an in-person assessment of your loved one by a nurse.

Elimination Period: How Does it Affect Coverage?

Once they've gotten the care they need during that time, their insurance will start covering expenses. It's possible that your loved one may go through an "elimination period" in which they'll have to pay for everything related to their care out of pocket. Depending on the circumstances, the elimination period might be anywhere from 30 to 90 days.

What Expenses are Covered by Long-Term Care Insurance?

There are two methods your loved one’s long-term care insurance may use to offset expenses. Indemnity policies pay the entire daily benefit regardless of care costs, whereas expense-incurred policies reimburse expenditures based on the lower of care costs and the daily benefit.

If you are concerned about having to pay for a loved one's long-term care out of pocket and you know they have a good income or assets they would rather not use, and you know they can afford the insurance premiums, you should encourage them to invest in a long-term care insurance policy, as recommended by the National Association of Insurance Commissioners.

What Affects the Cost of Long-Term Care Insurance?

Your loved one's long-term care insurance premiums will be determined by variables such as the insurance company they choose, their age and their health and financial stability. Their insurance premium may also be affected by these factors:

Their Age and Health

Get long-term care insurance while you're in your 50s or 60s to enjoy the lowest premiums. In fact, several insurance companies refuse to cover anybody above the age of 75. Additionally, those who maintain a healthy lifestyle often benefit from reduced insurance costs. If your loved one already has preexisting conditions or requires assistance with ADLs, they may be refused coverage.

Their Insurance Provider

If your loved one is in the market for long-term care insurance, it is in their best interest to research different insurance providers and how much they charge for coverage. Costs will vary from service provider to service provider.

Amount of Coverage

If your loved one wants more coverage, such as a higher limit on daily or lifetime benefits, shorter elimination periods, cost-of-living protection, and so on, they will most likely pay more for long-term care insurance.

Gender

Long-term care insurance premiums are often higher for women than for males due to their longer life expectancy and higher claim frequency.

A healthy 55-year-old man would pay about $1,700 per year for a policy with a lifetime benefit of $164,000, while a healthy 55-year-old woman would pay about $2,675 for the same coverage, according to the American Association for Long-Term Care Insurance.

It's important for families in Carroll and Howard Counties to remember that the rates you pay for long-term care insurance may increase in the years to come. But the benefits might grow over time, as well. For example, if the annual compounding rate on your loved one's insurance coverage is 3 percent, then after 30 years the lifetime benefit might be worth $386,500.

Why Families in Carroll and Howard Counties Choose Long-Term Care from Visiting Angels Eldersburg

Did you know that about two-thirds of people who need long-term care receive the care they need in their own home? It has been shown that seniors who get long-term care at home do better than those who go to an assisted living facility. Home care is often the best choice for seniors who have health problems that affect their memory and cognition and who have difficulty adapting to new environments because it helps them avoid the unpleasant decision of moving to new, unfamiliar surroundings. It's also a better choice for seniors who have upgraded their homes over the years to for safety and accessibility reasons.

Visiting Angels Eldersburg is the best choice if you are looking for a reliable home care agency to provide long-term care for a loved one. Over the course of more than two decades, we have been honored to serve seniors in Eldersburg, Westminster, Baltimore, Columbia, Ellicott City, Randallstown and other locations in Carroll and Howard Counties, MD.

Long-term care services provided by Visiting Angels Eldersburg are particularly useful for seniors who have trouble remembering things, such as those living with dementia or who have had a stroke, or who have trouble completing simple everyday tasks as a result of age-related issues or symptoms of chronic illnesses. With the help of Visiting Angels Eldersburg, your elderly loved one may get consistent, one-on-one long-term care without ever having to leave the comfort of home.

Our home care options include:

At Visiting Angels Eldersburg, we try our best to keep our prices low so that we can serve as many seniors in our community as possible, but we do not take Medicare or private health insurance as payment methods. When compared to other Eldersburg-area home care agencies, we stand out due to our dedication to delivering individualized, high-quality service to each of our clients. That's why we'll consult with you to tailor a plan of care based on your loved one’s specific requirements and preferences. This enables your loved one to maintain their freedom and reduces the costs of long-term care since you’ll only be paying for the services they actually need. In addition, we accept long-term care insurance as a means of paying for care, making our services easier to afford for families seeking long-term care in Carroll and Howard Counties.

Call our Eldersburg, MD office at 410-549-8002 or fill out our form to schedule a free in-home consultation with our care coordinators today!

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