Understanding Long-Term Care Insurance in and Around Frederick, MD

Finding a suitable long-term care option for an aging parent or relative living in Frederick County, MD can cause stress and anxiety for many families. One of the most important factors to consider when thinking about long-term care is how much it will cost. Many options can be expensive and depending on how long your loved one will need professional care, the expenses can definitely add up.

However, long-term care insurance may assist alleviate some of the financial burden that comes with providing professional senior care for a loved one who needs it over the long term. If you or a loved one reside in Frederick, Middletown, New Market or anywhere else in Frederick County, read on to learn about long-term care insurance.

Understanding Long-Term Care and the Costs That Come with It in Frederick, MD and Nearby Areas

Long-term care is a service that helps people over 65 or with disabilities or chronic illnesses stay healthy and independent. As part of their long-term care, many people need assistance with activities of daily living (ADLs) including preparing meals, bathing, dressing, cleaning, errand running, grocery shopping, pet care and more.

Here are some facts about long-term care, including how much it can cost:

• 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 recent study from the United States Department of Health and Human Services;


• Although there are many options for long-term care, about two-thirds of care recipients opt for in-home care;


• Long-term care in Maryland is expensive, with monthly costs estimated by Genworth to be over $12,000 for a private nursing facility room and over $5,000 for in-home care;


• The typical length of time that a senior will require long-term care is five years;


• Since long-term care providers often help seniors with personal care and ADLs, they usually do not take private health insurance, Medicare, or Medicaid as payment for care.

With this information, it’s easy to see how the costs of long-term care can add up over time for families in Frederick County. However, long-term care insurance can make these expenses easier to afford.

How Long-Term Care Insurance Works in Frederick, MD and Surrounding Areas

Insurance designed specifically to cover the cost of professional long-term care is known as long-term care insurance. Due to the high cost of long-term care and the need to protect family assets, seniors in Frederick County may benefit from this kind of insurance coverage.

Costs associated with having a caregiver help with ADLs including getting dressed, bathing, preparing meals and assisting with mobility are often covered by long-term care insurance. Depending on the provider and insurance, your loved one’s policy may also cover assistance with light housework, laundry, medication reminders and errand running.

There are two ways in which your loved one's long-term care insurance policy could reduce out-of-pocket costs: indemnity and expense-incurred. The difference between indemnity and expense-incurred insurance is that the former pays the full daily benefit regardless of care costs, while the latter reimburses expenses based on the lesser of care costs and the daily benefit.

As soon as your loved one realizes they may need long-term care in the future, they should begin exploring their options for insurance coverage. There are a number of long-term care insurance companies that will reject applicants who are over the age of 75 or who have a preexisting condition and already need of help with ADLs.

Before your loved one can get reimbursement from their long-term care insurance coverage, the provider must first approve the care plan. Your loved one's insurance provider may want medical records and an in-person evaluation by a nurse before settling a claim.

Your loved one may go through an "elimination period" when they are responsible for all of their long-term care costs. The time frame for the elimination period might be 30, 60 or 90 days. After that time period, their insurance will begin paying for their care.

The cost of long-term care insurance can be determined by a variety of factors, including:

• The insurance provider - If your loved one needs long-term care insurance, they should compare rates from available providers. Costs can vary depending on the company;


• Amount of coverage - A greater daily or lifetime benefit cap, shorter elimination periods, cost-of-living protection and other perks will increase the premium for long-term care insurance, but your loved one may find it worthwhile;


• Gender - Women often pay more than men for long-term care insurance since they have a greater claim frequency and a longer life expectancy. For example, according to the American Association for Long-Term Care Insurance, the annual premium for a policy with a lifetime value of $164,000 for a healthy 55-year-old male is about $1,700, while the annual premium for a healthy 55-year-old woman is around $2,675.

The cost of long-term care insurance in Frederick County can increase in the future, so planning ahead is essential. However, it's also possible that the benefits can increase with time. Using the example above, the value of your loved one's life insurance policy, after 30 years, could be as high as $386,500 if the yearly compounding rate is 3 percent.

The National Association of Insurance Commissioners recommends encouraging a loved one to purchase long-term care insurance if you are worried about having to pay for their long-term care out of pocket and you know they have a good income or assets they would rather not use.

Why Choose Long-Term Care from Visiting Angels Frederick?

Consider in-home care from Visiting Angels Frederick if you’re looking for a long-term care solution for a loved one who wishes to age in place. Since 2002, we’ve been helping elderly and disabled adults in Frederick, Middletown, New Market and surrounding areas in Frederick County, MD get the care and support they need while living out their golden years in comfortable, familiar surroundings. Seniors who have trouble remembering things, such as those living with dementia or after a stroke, or who have trouble performing simple everyday tasks due to age-related issues or symptoms of chronic illnesses, can benefit greatly from the long-term care services provided by Visiting Angels Frederick.

Our home care services include:

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

We do not accept Medicare or private health insurance as payment options, but we do our best to keep our fees reasonable so that we can help as many seniors in the Frederick area as possible. Our commitment to provide every senior we care for with personalized, high-quality service sets us apart from other Frederick-area home care companies. That's why we'll talk to you about your loved one's needs, routine and schedule so we can create a care plan that's perfect for them. As a result, your loved one may continue to live independently, and you can save money on long-term care by only paying for the care they truly need. We also accept long-term care insurance, which helps make our services more accessible to Frederick County families who need long-term care but may not have the financial means to pay for it out of pocket.

Your senior loved one can receive reliable, individualized long-term care from Visiting Angels Frederick without ever leaving the comfort of their home.

Call our Frederick, MD office at 301-418-6172 or fill out our form to learn how we can help your senior loved one!