Using Long Term Care Insurance To Pay For Home Care Services in Jackson, TN
Find out more about long term care insurance as a payment option for home care in your area.
Comfort Keepers of Jackson, TN focuses on a comprehensive approach to at home care for seniors, offering an array of services that support independence in older adults. While the cost of home care may intimidate you, it is important to know that you have different payment options available. One of them is long term care insurance.
Although coverage for this type of insurance can be very expensive, long term care insurance enables you to afford quality care for your senior loved one. While it might sound like a good idea to wait until a person reaches retirement age, the older one is, the higher the premium will be. It's easier and cheaper to buy insurance before health issues arise. Consulting a financial advisor that is well versed in the field can help you make the right decision.
It is good to know in advance to what degree premiums may increase over time. Inflation is the definitely a factor to consider, as it can increase premium costs, taking a serious toll on your loved one’s home budget. Fortunately, many plans offer inflation protection that will protect your loved one’s benefit amount from inflation.
Policies also vary in how they define eligibility for benefits. For example, some plans state that a senior qualifies when he or she can no longer perform activities of daily living. Some policies have an elimination period, which is a time period during which the covered individual will pay for his or her own care before benefits become available.
Though pricey, buying long term insurance is an investment that does pay off. It can help your loved one stay financially independent, which is important for many seniors who do not want to become a burden to their loved ones as they age.
If you would like to know more about insurance, please feel free to contact our Comfort Keepers office in Jackson, TN.
Comfort Keepers is proud to serve the following areas of Tennessee: