We get questions often about long term care insurance and when to buy it. Often, the question comes up too late. If your parents are late 60's, relatively healthy, with very little savings and working full-time, they most likely can't afford to buy long-term-care insurance. If something happens to your parents, it's likely that you and your family will have to help pay for his care. Should you long-term-care insurance for your parents?
Yes, buying the insurance is a smart move. The average cost of a private room in a nursing home is tens of thousands a year, and home care can be even more, making it highly unlikely that most parents can handle the expenses on their own. If there is little income or savings they may qualify for Medicaid, but their care options would be limited.
Most states cover custodial care (the care needed by Alzheimer's patients and others with long-term-care needs) only in certain Medicaid-eligible nursing homes, although a few have special programs that cover care at home.
Long-term-care insurance can help pay for many more care options than Medicaid, including care at home, in an Alzheimer’s care facility, or in a wider variety of nursing homes. You can cover your parent’s premiums. The cost will depend on your parents health and the terms of the policy.
If you are interested in getting long-term-care coverage, don't wait too long. Long-term care insurers are making it more difficult to qualify for coverage most people interested in buying a policy for their parents wait until their health is too bad to qualify for coverage.
For more insurance about Alzheimer's care, contact Spring Arbor Living.