3 Surprising Ways Long-Term Care Insurance Helps You Age in Place

Most people want to stay in their home for the rest of their lives, and you may be one of them. After all, you worked hard to pay off your house and created irreplaceable memories there. So with a plan to age in place, there’s not really a need for long-term care insurance, right?

Not exactly. Even if you plan to live out your final years at home, there are additional costs to consider. Long-term care insurance can help you you cover these additional costs.

Compare your long-term care insurance options today.

3 Surprising Ways Long-Term Care Insurance Helps You Age in Place

“Many long-term care insurance policies only cover you if you are confined to a facility,” says Chuck Czajka, a certified estate planner and founder of Macro Money Concepts in Stuart, Florida. That’s why he says it’s “so important that you review the coverage before you buy the policy.”

However, there are policies that make it easier for you to age in place. In fact, some expenses that long-term care insurance can cover might surprise you.

Home modifications

“Some long-term care insurance covers various changes to your home,” says Czajka. “This could include adding accessible handrails, shower handles” and other modifications that make your home more accessible.

Of course, you’ll need to explain to your insurer why you need modifications to your home for them to be covered.

For example, let’s say you have difficulty taking the steps to the front door of your home because you have a condition that causes a lack of mobility. In this case, your long-term care insurer may pay have a ramp installed in front of your house that makes your front door more accessible.

Find out how affordable long-term care insurance can be here.

Family caregivers

If you’re considering aging in place, you have several options for caregivers. You can either seek care from a formal caregiver (a paid caregiver) or use informal options, such as friends or family, to provide your care.

If you decide to take the informal route, your long-term care insurance can help you. Some long-term care policies “cover family caregivers,” Czajka previously said. CBS News. “Each policy varies, so it’s essential to do your research before purchasing” insurance.

Medical equipement

Medical equipment is expensive but may be necessary for most people in later life. Adjustable beds, mobility scooters and more could make life easier as you age at home.

Unfortunately, this equipment can be expensive.

The good news is that your long-term care insurance policy can help cover equipment you need that isn’t already covered by your health insurance provider. Of course, every policy is different and some simply aren’t designed to help you age in place. Review long-term care insurance policy coverage before purchasing it to ensure you have access to the medical equipment you need.

Compare your options before registering

Each policy is unique. Some offer more coverage with lower premiums than others and vice versa, but the total amount of coverage is not the only thing you need to pay attention to. Some other factors to consider when you store plans include:

• Healthcare Facility Requirements: Some long-term care policies will not offer any coverage unless you move into a care facility like an assisted living facility. If you plan to age in place, make sure your policy covers you at home as well.
• Formal and informal caregivers: Aging in place means your caregiver may be a family member. In the insurance industry, this is what we call an informal caregiver. Make sure your policy covers both formal and informal caregivers to ensure your loved ones have a reasonable income while they care for you.
• Other coverage points: If you are aging in place, you will likely need to renovate your home or gain access to medical equipment at some point. Make sure these are included in your coverage.
• Riders: Riders offer the opportunity to add more coverage to your policy. For example, the spousal benefits rider allows you to share your benefits with your spouse. Consider these endorsements when comparing your options.
• Price: Price will always be a factor when purchasing insurance, whether it’s long-term care or otherwise. It’s important to find a balance you’re comfortable with between cost and coverage.

Compare your long-term care insurance options here.

The essential

Long-term care insurance isn’t just for people who plan to spend the final stages of their lives in an assisted living facility. This can also be very helpful if you are considering aging in place. After all, even aging in place has a cost. Compare your options now to protect your plans, your privacy and your comfort later in life.