“Aging in Place,” an increasingly popular trend in Long-Term Care (LTC), has the potential to provide the aging population with independence, control over care choices, and all the comforts that come with living at home. When illness suddenly strikes, or health declines naturally, changes may be necessary to ease everyday living.
When we think of housing for an aging population, we often think of assisted living facilities, nursing homes, and a loss of autonomy. New trends, however, encourage utilizing the concept of “Aging in Place,” or remaining in the home with outside support for physical, emotional, and recreational health.
Becoming dependent upon others for support can be a huge financial hardship for the aged and their loved ones, especially for those who do not have Long-Term Care insurance. Many people believe that Medicare will provide them with the financial and caregiving support they need, yet Medicare only pays for “medically necessary care” in a skilled nursing facility with maximum coverage of 100 days. Having Long-Term Care insurance can lift financial burdens associated with aging, and increase choices for the types of care available.
Depending on the language of the LTC insurance policy, you might be able to continue living in your home to “age in place.” Not all policies are the same, however, and you should understand the differences in coverage. Oftentimes, older policies have more restrictive coverage – providing either “Nursing Home” benefits (which pay for room and board) or “Home Health Care” benefits (which pay for a qualified Home Health Care Provider). Newer policies, however, tend to provide benefits for both types of care. You will need to take a close look at your policy to determine the type of benefits provided. You can (and if you don’t have it, should) request a copy of your policy from your insurance company or employer (for group policies).
Having the option to live at home, despite age related illnesses, can be incredibly comforting. If you think aging in place might be right for you, but you need help making sense of your Long-Term Care insurance policy, contact Kantor & Kantor for a no cost consultation.
We understand, and we can help.