Worried About How to Pay for Home Care?
You May Already Have a Solution.
Long-term care insurance may help cover the cost of Home Care and Private Care Management—and many families don't even realize they have it.
When you or someone you love begins needing help at home, one of the first questions that often comes to mind is:
"How are we going to pay for this?"
The need for care can arise gradually—or seemingly overnight. Maybe Mom is having more difficulty bathing and preparing meals. Dad is becoming forgetful and shouldn't be left alone. A spouse is coming home from the hospital and needs additional support. Or perhaps family caregivers simply can't continue doing everything themselves.
Whatever brings a family to this point, the cost of care can quickly become a concern.
Many people assume they'll have to pay entirely out of pocket. But before dipping into savings, delaying needed care, or relying solely on family members, there's another important question worth asking:
Could you already have long-term care insurance?
You may be surprised by the answer.
A Benefit You May Have Forgotten About
Long-term care insurance is often purchased years—or even decades—before it's ever needed.
By the time the need for care arises, the policy may be sitting in a filing cabinet, tucked away with retirement documents, or simply forgotten.
Some people purchased coverage through an insurance agent or financial advisor. Others may have obtained coverage through an employer or purchased an insurance product that included long-term care benefits.
The important thing is this:
If you have a long-term care insurance policy, don't assume you have to wait until you need nursing home care to use it.
Long-Term Care Insurance May Help Pay for Care at Home
One of the most common misconceptions about long-term care insurance is that it's only for nursing home care.
Depending on the individual policy, benefits may help pay for services that allow someone to continue living safely at home, including assistance with personal care, bathing, dressing, meals, companionship, household tasks, and other everyday needs.
Some policies may also provide benefits for Private Care Management or care coordination services, depending on the policy's terms.
Private Care Management provides professional guidance, care coordination, advocacy, and support to help individuals and families navigate changing care needs and make informed decisions.
Every policy is different. Coverage, benefit amounts, eligibility requirements, waiting periods, and covered services can vary significantly.
That's why the first step isn't assuming what your policy will—or won't—cover.
The first step is knowing whether you have one.
Could You Have Long-Term Care Insurance?
Not sure? Ask yourself:
Did I purchase insurance years ago specifically to help with future long-term care expenses?
Did an insurance agent or financial advisor ever discuss long-term care planning with me?
Did a current or former employer offer long-term care insurance as an employee benefit?
Do I have a life insurance or other policy that includes long-term care benefits?
Am I still paying premiums for a policy I'm not completely sure I understand?
Has my spouse or parent ever mentioned purchasing long-term care insurance?
Have I seen older insurance paperwork that I haven't reviewed in years?
Am I currently paying privately for care without knowing whether an existing long-term care policy could help?
If you answered "yes" or even "I'm not sure," it may be time to do a little investigating.
Look through your records and talk with your spouse, parents, adult children, financial advisor, insurance agent, or other trusted individuals who may have been involved when the policy was purchased.
And don't worry if you find a policy but don't understand it.
That's where we can help.
Found a Long-Term Care Insurance Policy? Let's Take the Next Step.
If you confirm that you or your loved one has a long-term care insurance policy, understanding what you've found is the next step.
Policy language can be confusing. Terms such as benefit triggers, elimination periods, daily or monthly benefits, benefit periods, covered services, and provider requirements can make it difficult to know when or how to begin using the coverage.
Care Solutions In-Home Services can assist with reviewing an identified long-term care insurance policy and helping you better understand key provisions, questions to ask your insurance carrier, and how available benefits may relate to your need for Home Care or Private Care Management services.
Start with a complimentary consultation to discuss your situation and determine whether a more detailed Long-Term Care Insurance Policy & Benefits Review may be helpful.
Don't Wait Until a Crisis to Ask the Question
Ideally, families should understand their long-term care resources before a crisis occurs.
But if you already need care, it's not too late.
Before assuming you'll have to pay the entire cost yourself—or postponing care because you're worried about how you'll afford it—take the time to determine whether you already have a resource that may help.
You may already have a solution and not even realize it.
Ready to Talk?
If you've found a long-term care insurance policy and aren't sure what to do next, Care Solutions In-Home Services can help you explore the next steps.
Schedule a complimentary consultation to discuss your situation and learn whether a Long-Term Care Insurance Policy & Benefits Review may be appropriate.
314.289.9990
www.CareSolutionsIHS.com
office@caresolutionsihs.com
Care Solutions In-Home Services does not sell long-term care insurance or provide insurance, legal, tax, or financial advice. We do not determine eligibility or guarantee coverage or payment of benefits. Coverage, eligibility requirements, benefit amounts, covered services, and provider requirements vary by individual policy and insurance carrier.
Coming Next: Part 2
Do You Have Long-Term Care Insurance? Here's How to Find Out
Think you may have coverage but aren't sure? In the next part of our Paying for Care series, we'll walk through where to look, who to contact, what documents may provide clues, and what to do if you discover a policy.