Long-term care insurance is a type of insurance that covers the cost of long-term or chronic medical care, generally for patients with chronic medical conditions who require assistance with activities of daily living or because of their older age. This is different from health insurance as it provides comprehensive coverage for long-term care services. While health insurance only covers a portion of the expense incurred by a covered individual’s medical bills.
At FHCS Aging Gracefully, long-term care insurance will reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, grooming, going to the restroom, moving around the house, and cooking. Additionally, it provides housekeeping services, meals on wheels, transportation, and home modifications like grab bars and ramps.
The cost of your long-term care policy will be determined by:
- The age of the policyholder at the time of purchase
- The maximum amount that a policy will pay per day
- The maximum number of days (years) that a policy will pay
- The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Here are some reasons why it makes sense to consider long-term care insurance:
- Helps pay for the cost of caring for you if you are unable to provide basic personal needs like dressing, bathing, eating, and toileting.
- Helps pay for non-medical expenses incurred during your medical treatment, such as transportation to and from appointments, housekeeping, and meals.
- Helps pay for expenses associated with traveling to see a doctor or specialist outside your home.
There is a lot of misinformation about long-term care insurance and how it works. You may have heard that it’s too expensive and not worth the cost. Or you may have heard that it’s a good idea, but you’re too young to be concerned about it.
Long-term care insurance can help ease some of the financial burden associated with extended care needs and provide peace of mind knowing that your family won’t have to worry about how they’ll pay for long-term care services when they’re needed most.
Other insurance available are:
- Final Expense Insurance – Also known as burial insurance, this type of life insurance is designed to pay for outstanding bills and funeral costs after the passing of a loved one.
- Funeral costs
- Medical expenses related to the death
- Mortgage payments (mortgage protection)
- Rent payments (rent protection)
- Pre-Paid Funeral Plan Assistance can be used to pay for final medical care, burials, and other funeral expenses.
Final expense insurance can help with unexpected expenses that may arise after your loved one dies. It can provide assistance with the following:
Funerals can be expensive. They can cost tens of thousands of dollars, and that’s not even counting the cost of burial plots and headstones. Final expense insurance can help you cover those costs after a loved one dies so that you can focus on grieving and making arrangements instead of worrying about finances.
The process of planning the funeral can be overwhelming. No matter how much you have saved up for your final expenses and no matter what type of insurance policy you have in place, there are still many expenses that must be covered after a loved one passes away. A pre-paid funeral plan can help cover some of these costs so that you don’t have to worry about them after losing someone close to you.
This can be done in several ways:
- By paying for the funeral in advance.
- By paying for a portion of the funeral in advance.
- By paying for a portion of the services at a later date or in installments over time.
- By providing funds to help cover costs related to final medical expenses and/or burial-related expenses.
Options like these are not suitable for every individual and will have different requirements based on your situation. Get in touch today to find out which plan is best for you.
It is as easy as 1,2,3.
