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 (LTC) 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. LTC 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 LTC 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. 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 908.373.5300. A free phone consultation can help you decide what services might be best. Our aim is to provide you and your loved one with the support you need.
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