LONG TERM CARE (LTC) INSURANCE AND PRIVATE PAY
Long Term Care Insurance & PrivatePay
ElderChoice | Syracuse, NY
ElderChoice is able to provide home health care services under many Long Term Care policies! Contact your Insurance carrier for more information or let us help you access your policy’s benefits in order to ensure that you receive the best care at home!
What is Long Term Care Insurance?
Long-term care insurance is a special type of insurance policy that can help cover the ever-increasing costs of various types of health care (and long-term care) as an individual ages. These policies all differ, as do the coverage they offer, so its important to review all the included benefits, deductibles, and exclusions before selecting and purchasing a policy. Its also important to remember that coverage for the costs of personal home care may only be allowed if the policy includes an endorsement or rider for non-medical services.
Why consider Long Term Care Insurance?
The 2 main reasons why more and more people are considering LTC Insurance are…
- LTC Insurance protects savings: Long-term care costs can be extremely expensive and can exhaust retirement savings very quickly. The average cost of care in a semi-private nursing home room is around $90,000 a year and hourly rates for in-home care are approximately $29/hr and climbing.
If someone doesn’t have insurance to cover their long-term care health needs, they’ll have to pay for it themselves. An individual may be able to apply for Medicaid (or Medicare) but eligibility for these programs requires that most (if not all) assets and savings are used first.
- LTC Insurance gives you more options for care: Just like many things today, you pay for what you get. Generally speaking, the more expensive something is, the higher the quality. The same can be said for health care…especially with long term care. If an individual can only choose options that accept Medicaid or Medicare, their choices may be limited to fewer home health care or nursing homes that are able to accept payments from those government programs. In addition, many state’s Medicaid will not pay for some assisted living facilities.
There are many options for long term care insurance in New York State and ElderChoice has worked with many of the best. Contact us if you would like more information on understanding and utilizing your policy for home health care services.
For more information on understanding and determining if long term care insurance is a good fit for you or your loved one, please visit the following helpful links below:
ElderChoice also accepts private pay for of our exceptional, person-centered services. Contact us today for more info or to inquire about our rates and payment options!