Funding Home Healthcare with Long-Term Care Insurance

Long-term care insurance

People often think of long-term care insurance like most other ‘optional’ insurances:

“I’m perfectly healthy. I don’t need it!” or “I’ll buy it when I get older and really need it.”

Of all the misconceptions about long-term care insurance, the “I’ll get it when I really need it,” mindset is probably the most damaging. Thinking like this is a lot like trying to get insurance on your home after it’s burned down. It’s not going to happen.

Insurance policies, long-term care insurance included, are designed to be most affordable when the person insured is younger and healthier. The ‘sweet spot’ for purchasing long-term care insurance is between 52 and 64 years old. Long-term care insurance policies allow you to define benefits when you buy the policy. You can add or subtract various components to suit your situation.

Working with a predetermined pot of benefit money is just like working with a household budget. You need to find ways to make it last and cover all the things that you need in order to get through the month. Home healthcare, in the 5 boroughs of NYC, will average half of what a nursing home will cost. With home healthcare, not only will you get more personalized care at nearly half the cost of a nursing home, you get to live in the comfort and familiarity of your own home.

Unlike the policies seen in the 1980’s, today’s long-term care insurance covers home healthcare. This is why using long-term care insurance to fund home healthcare is a wise option. Of course, if you need a skilled nursing facility, a nursing home might be the better choice and policies allow for that as well.

At the David York Agency, we send only the best and most qualified home health aides to your home, people that we would want taking care of our own loved ones. If you’d like more information about David York Agency’s qualified, compassionate caregivers or to learn more about how you can use your long-term care insurance with our services, contact us at 718.376.7755. A free phone consultation can help you decide what services might be best to provide you and your loved one with the support you need.

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Is a Home Health Aide Covered By Insurance?

It’s very true – there’s no place like home. That’s why the elderly strive to stay there for as long as they can. When a person is aging or recovering from a recent surgery and needs help with their activities of daily living, a certified home health aide may be necessary. But is a home health aide covered by insurance? There are many different types of insurance with different coverage for home health aide services.

Private Health Insurance
InsuranceEvery private health insurance company is different but many will pay for certain home health care services. Services usually need to be medically necessary and sometimes a private health insurance provider will require a pre-approval for a home health aide.

Medicare
Medicare Insurance has strict rules for home health aides. They will cover intermittent skilled nursing care, in-home physical or speech therapy, occupational therapy and more. These services must be under the management of a doctor and must be reviewed regularly by him or her. Medicare does not cover 24-hour in-home care or homemaker services.

Medicaid
Medicaid coverage can vary state by state. The New York Medicaid program does cover in-home care services for personal care assistants and certified home health aides. However, to be eligible for these services, it must be medically necessary. There is also a stipulation that the person receiving the care should be in stable condition. This means that they are not expected to undergo sudden deterioration or improvement. The coverage is meant for those needing long-term in-home care.

Long-Term Care Insurance
Long-term care insurance is private pay insurance that can assist in reimbursement for home care costs if an individual meets the eligibility criteria in the policy. This insurance covers care not covered by private health insurance, Medicare or Medicaid and protects your savings accounts from becoming depleted by the steep cost of long term home care. The insurance must be purchased while the patient is fit, that is, before long term care becomes necessary.

Getting the right in-home care is important. There are many different insurance plans available and it is always prudent to check with your carrier regarding eligibility criteria, deductibles, and reimbursement. Contact your insurance representative, financial advisor, and friends about the choices available. You may also want to contact a home healthcare provider like David York Agency to ensure the policy you choose is compatible with the home care they provide.

David York Agency provides skilled home health aide services for elderly patients needing in-home care. David York Agency would be happy to assist you with your long-term care planning. Contact us at 718-376-7755. Please like us on Facebook or follow us on Twitter or LinkedIn and visit our website at http://davidyorkhomehealthcare.com/.

Baby Boomers and Millenials: Protect Yourself with Long-Term Care Insurance

Long-Term-Care-InsuranceWe need to start thinking about Long Term Care (LTC) and its associated insurance sooner than once considered. While we do think of this coverage with respect to our elderly population, (about 60% of individuals over age 65 will require services), this coverage should also be seriously considered for younger individuals (about 40% of those receiving services are between age 18 and 64). And, changes in your health can affect you qualifying for coverage.

LTC insurance covers care not covered by health insurance, Medicare or Medicaid and protects your savings accounts from becoming depleted by increasing costs of healthcare. And, premiums may be tax deductible, in some cases up to 100%.

Having LTC insurance provides secondary benefits and eliminates the need to burden family members with providing this care directly to their loved ones. These policies are designed to cover a variety of services and supports in a variety of settings, even your home. LTC insurance can cover assistance with basic activities of daily living including: 

  • Dressing
  • Bathing
  • Eating
  • Toileting
  • Transferring
  • Walking

Long-term care needs and expenses are unpredictable as is life span, so to provide for this uncertainty, LTC insurance policies exist to provide for the cost of long-term care beyond a predetermined period of time.  Policy holders of LTC can rest easily that they will receive the care they need and the best quality of life possible, under the terms and conditions of the policy.

Choosing the right plan is important. Contact your insurance representative, financial advisor, and friends about the choices available. You may also want to contact a home healthcare provider like David York Agency to ensure the policy you choose is compatible with the home care they provide.

David York Agency would be happy to assist you with your long-term care planning. Contact us at 718-376-7755. And visit our website at http://davidyorkhomehealthcare.com/.