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

It is critical to plan for the financial burden of long-term care in the event that a family member requires it. Genworth reports that in the Raleigh, NC region, long-term care costs may vary greatly, with a private room in a nursing facility costing $9,581 per month and home care costing $5,243 per month. Plus, the majority of seniors will need this care for at least five years, so the costs may build up. Health insurance, Medicare, and Medicaid often do not cover the services of long-term care providers since these organizations mainly help with personal care and Activities of Daily Living.

There are a lot of families in Raleigh, Cary, Wake Forest, Fuquay-Varina, Apex, and surrounding areas in Wake County who are also concerned about finding an appropriate long-term care option for an elderly family member or friend. Nearly 70 percent of persons over the age of 65 will need long-term care at some point in their lives, according to research conducted by the United States Department of Health and Human Services.

A long-term care insurance policy, however, may assist in reducing the overall cost of care for your loved one. Here are some things to consider with long-term care insurance.

Important Information About Long-Term Care Insurance in Raleigh, NC and Surrounding Areas

One kind of insurance coverage that may pay for all or a portion of a policyholder's long-term care expenses is long-term care insurance. For seniors in the Raleigh area, this insurance type may be advantageous since it protects their assets while easing the financial strain of paying for care.

Assistance with ADLs like eating, dressing, and bathing, as well as with mobility, are usually covered by long-term care insurance. Light cleaning, laundry, medicine reminders, and errand running are other services that your loved one's insurance may cover, depending on the provider and policy type.

When is Long-Term Care Insurance the Right Solution?

The National Association of Insurance Commissioners states that those who are in the following financial situations should seriously consider purchasing long-term care insurance:

Are unwilling to have a large portion or all of their income and assets go toward paying for care;
Are confident in their ability to pay insurance premiums, even in the face of potential rises;
Do not want for close friends and family to shoulder the financial load.

When Should One Look Into Long-Term Care Insurance?

Long-term care insurance is something that most individuals start thinking about when they're in their 50s and 60s. Purchasing a policy in advance is highly recommended. It will lower your insurance premiums and lessen the likelihood that you will be turned down for coverage because of health issues you've had in the past or because you need assistance with ADLs.

What Gets Factored Into the Cost of Long-Term Care Insurance?

The price of long-term care insurance will depend on the company and the situation of your loved one when they enroll in the coverage. A 55-year-old male in good health may pay an average of $1,700 per year for a policy with a lifetime benefit of $164,000; a 55-year-old female in the same health could anticipate to pay $2,675 per year for the identical policy, according to the American Association for Long-Term Care Insurance.

What can determine the cost of long-term care insurance includes:

Age and health of your loved one — As mentioned earlier, purchasing long-term care insurance in your 50s and 60s is often the most cost-effective option. Indeed, a large number of insurance providers do not accept policyholders beyond the age of 75. Also, those who are normally in good health usually wind up paying less.

The insurance provider — When searching for a coverage to cover long-term medical expenses, it's wise to compare quotes. The charges offered by various carriers will vary.

Amount of coverage — The more benefits your loved one receives from their insurance policy, such as a longer elimination period, cost-of-living protection, a greater daily or lifetime benefit cap, and more, the more it will cost.

Gender — Statistically, women pay a higher premium for long-term care insurance than males do since they are more likely to file claims and live longer overall.

Another thing to think about is that long-term care insurance premiums have the potential to increase with time. Benefits, however, may potentially accumulate over time, as well. A policy with a $164,000 lifetime payout may increase to $386,500 in 30 years if the policy accumulates at 3 percent per year.
How Do Long-Term Care Insurance Policies Cover the Cost of Care?

Different long-term care insurance policies pay care expenditures in different ways:

Expense-incurred (or reimbursement): The insurance will compensate them or the healthcare provider for the cost of treatment or the daily benefit, whichever is less expensive;

Indemnity: Their insurance will cover all of their daily benefits, no matter how much their care costs. However, they will be held financially accountable for any expenses that go over their daily limit.

A claim must be filed with the long-term care insurance provider by your loved one when the need for long-term care arises. Before the cost of care can be reimbursed by their insurance, the insurer must approve their plan of care. When submitting a claim, your loved one may be asked to send medical records from their doctor to their provider and consent to a nurse assessment.

Once your loved one's coverage is authorized, it will begin to reimburse the expenses of their care once they have received it within that term. If your loved one's policy has a "elimination period" before it begins paying for care expenses, they will have to pay for them out of pocket. Your options for the elimination period are 30, 60, or 90 days.

Is Home Care an Option for Seniors Who Need Long-Term Care?

This is correct; in reality, home care is provided to around 65 percent of people requiring long-term assistance. Having a loved one cared for in the comfort of their own home may be a tremendous relief for families who would otherwise have to uproot their lives and move them. Not only that, seniors who get long-term care at home tend to receive it for a longer period of time than those who transfer to an assisted living facility, and it's often more economical than residential care. Seniors with memory or cognitive impairments, or those who have made modifications to their home for accessibility or safety reasons, may also benefit from professional home care services rather than moving to a new facility.

Why Families in Raleigh, NC and Surrounding Areas Choose Long-Term Care from Visiting Angels

Visiting Angels of Raleigh is the place to go if you or a loved one want dependable home care services for an extended period of time. Residents of Raleigh, Cary, Wake Forest, Apex, Fuquay-Varina, and the surrounding areas have been able to rely on us since 2000 for in-home care and assistance for the elderly and disabled.

Even though Visiting Angels of Raleigh doesn't take Medicare or health insurance, we make sure that the people we help can afford our services. Because we are dedicated to giving each client with individualized in-home care, we stand out from other local providers in Wake County. What this means is that we will collaborate with you to develop a care plan for your loved one that takes into account their individual requirements and fits in with their daily routine as smoothly as possible. In addition to assisting your loved one in maintaining their independence, this also helps to reduce the financial burden of long-term care by ensuring that you only pay for the care that your loved one truly needs.

Our caregivers can help your loved one with:

Visiting Angels of Raleigh is a reliable group of caregivers that can assist your loved one in aging in place with dignity and independence.

Call our Raleigh, NC office at 919-787-4317 or fill out our form to schedule a free in-home consultation!

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