Can Long-Term Care Insurance Pay for Senior Home Care?
For residents who live in Newton, MA, and the Greater Boston area, who are considering hiring an in-home caregiver, one of the first questions you may ask is: How will I cover the costs of senior home care in the western suburbs of Massachusetts?
Many people mistakenly assume their Medicare coverage or their health insurance plans cover one-to-one in-home care. However, those only cover limited benefits related to brief rehabilitation stays. Medicare and private health insurance plans do not cover personal care services. Massachusetts residents may qualify for coverage through the MassHealth program. Eligibility criteria and benefits vary by income, but you may only qualify for it after you deplete most of your savings.
Long-term care insurance policies, on the other hand, can cover senior home care costs if you – or a loved one – develops a chronic medical condition, disability, or cognitive problem such as dementia. Long term care insurance typically covers costs associated with care for the elderly or disabled, including the types of activities of daily living provided by Visiting Angels Newton/Canton including personal care and grooming, housework, laundry, meal preparation and planning, and medication reminders. Our senior home care services, offered in Boston neighborhoods, Brookline, Canton, Dedham, Jamaica Plain, Natick, Needham, Newton, Norwood, Roslindale, Stoughton, Upper Back Bay, Watertown, Wellesley, West Roxbury, Westwood, and surrounding neighborhoods, are the types of activities most often covered by long term care insurance.
While many families in Newton, Massachusetts, and surrounding areas utilize long term care insurance to pay for in-home care providers, this type of insurance will also cover care at assisted living facilities, nursing homes, adult day care centers, and hospice care. Many individuals who choose long term care insurance do so because they want to limit the financial burdens placed on their family members related to their care.
Long term care insurance is becoming more popular because of the need for elder care as baby boomers age. The U.S. Department of Health and Human Services reports that at least 70% of those over the age of 65 will require some form of long-term care in their lifetime.
Can Long-Term Care Insurance Pay for a Visiting Angels’ Caregiver?
Yes, depending on your individual policy, you may be able to use long-term care insurance to pay for Visiting Angels’ in-home personal care services in Massachusetts.
Long-term care insurance is a tool that can finance in-home personal care services, but you should understand what your policy covers and how to file a claim.
A Visiting Angels care coordinator can provide you with a copy of a care plan, which may be required by the insurance company as proof of services provided. Visiting Angels Newton/Canton’s care coordinators may be able to assist you with filing a claim, but some insurance companies may require you to complete and submit claim forms yourself.
Our care coordinators are familiar with long-term care insurance and will meet with you to discuss your insurance situation. Contact us for a free home care consultation today!
How Does Long-Term Care Insurance Work?
While each insurance policy is different, most will be “triggered” if you can’t perform two or more activities of daily living, such as bathing, toileting, dressing, eating, or transferring - or if the senior develops cognitive impairment.
If you (or a loved one) meet the triggering criteria and need care, you will need to file a claim with your insurance company, which may ask for medical documentation and a copy of your care plan. An insurance company representative may also send a nurse to evaluate your condition.
Most long-term care insurance policies require you to pay for your professional in-home care services out-of-pocket for a period of time — usually 30, 60, or 90 days — before the insurance benefits kick in and will have a daily benefit limit and a lifetime-maximum benefit.
Many long-term care insurance policies will reimburse a daily dollar amount to pay for services to assist with activities of daily living. However, your individual policy will determine:
- Amount paid out
- How the benefit is paid
- How long the benefits last
How to Buy Long-Term Care Insurance
Purchasing a long-term care insurance policy is similar to obtaining a life insurance policy. An insurance agent or company representative will ask you to complete an application and answer health questions. The insurance company will review your application and medical records and determine the cost of your coverage if you are approved.
Don’t wait too long to purchase a long-term care insurance policy. Most insurers won’t issue policies for people over 75 or who are living with a debilitating condition. Most people purchase long-term care insurance in their 50s and early 60s to protect their savings and ensure they can receive quality in-home senior care when needed.
Generally speaking, younger people in good health pay lower premiums. However, it’s important to remember each policy provides different coverage limits, benefits, and options with different price tags. Another important factor to consider is the inflation protection you choose. The gold standard is 5% compound inflation protection. However, many families are opting for 3% or 5% simple or even 3% compound protection. As with any financial matters, we caution you to consult your financial advisor prior to choosing a long-term care policy.
If you have questions about using Long Term Care Insurance for services with Visiting Angels, please contact us to see how we can help.
About Visiting Angels Newton/Canton
Visiting Angels Newton/Canton MA is an award-winning home care agency that has been providing at home living assistance for seniors and adults with disabilities for over eighteen years. Countless families have benefited from our elderly companionship service, live-in and 24-hour assistance, respite home care, in-home Alzheimer’s elder care, dementia care, transitional aid, and elderly home care services in Norwood, Westwood, Needham, Newton, Norwood, Boston’s (Upper) Back Bay, Brookline, Canton, Dedham, Hyde Park, Jamaica Plain, Natick, Roslindale, Stoughton, Watertown, Wellesley, and West Roxbury, and neighboring communities in Massachusetts. The non-medical assistance Visiting Angels Newton/Canton provides can significantly impact your loved one’s happiness and quality of life.