Kiplinger’s Personal Finance: Insurance for long-term care at home | Business News

The nature of your benefits will depend on your contract. Dreamstime/TNS The pandemic’s effect on seniors has brought renewed attention to long-term care insurance — and aging at home. When policies first became widely available in the late 1970s, it was primarily used to help pay the costs of nursing […]



long term care insurance

The nature of your benefits will depend on your contract.




The pandemic’s effect on seniors has brought renewed attention to long-term care insurance — and aging at home.

When policies first became widely available in the late 1970s, it was primarily used to help pay the costs of nursing homes. That has changed.

Almost any policy sold now will have a pool of benefits that help pay for home care, a nursing home, assisted care, a memory unit or something similar, said Barbara Franklin, founder of Franklin & Associates, long-term care insurance brokers.

You can typically collect long-term care insurance — and stop paying your premiums — once you have a recognized cognitive impairment or can’t do two of six “activities of daily living,” such as bathing or dressing.

The nature of your benefits will depend on your contract, but here are a few provisions to look for in a long-term care policy with an eye toward aging at home.

Does the policy pay for informal caregiving? Many policies won’t pay for caregivers unless they come through licensed agencies, which often require you to pay for a minimum of three to four hours of care a day, Franklin said.

But some policies cover nonlicensed caregivers, such as family and friends, and in some cases nurses who offer in-home caregiving, said Vince Bodnar, a partner at Oliver Wyman, a management consulting firm.

Next Post

Owning a Home Will Help Drivers Get Better Car Insurance Rates

Fri Oct 30 , 2020
Press release content from Accesswire. The AP news staff was not involved in its creation. https://apnews.com/press-release/accesswire/business-homeowners-insurance-personal-insurance-auto-insurance-insurance-industry-eddb7102eef89b0341f3446923bd438f Click to copy LOS ANGELES, CA / ACCESSWIRE / October 24, 2020 / Compare-autoinsurance.org ( https://compare-autoinsurance.org ) is a top auto insurance brokerage website, providing car insurance quotes online from trustworthy agencies all over […]

You May Like