If you need long-term care because you are unable to take care of yourself due to a sickness, disability, consider making the move to an assisted living community. It aids with everyday tasks including eating, moving around, and taking a shower. Additionally, it might be useful if you need personal care or reminders to take your medication. Read on to find out how to pay for assisted living in New Braunfels, TX, using long-term insurance.
Coverage of Long-Term Care Insurance
Long-term care insurance pays for several types of care, including:
- Nursing home or assisted living community care.
- Health services such as nursing care provided in your home.
- Nursing, rehabilitation, social and educational activities, as well as monitoring, at adult daycare facilities.
- Other services. Some insurance plans include hospice care, respite care (care to give carers a break), care after a hospital stay, assistance with domestic duties, and caregiver education for family members.
Deciding Whether Long-Term Care Insurance Is Right For You
Not everyone needs long-term care insurance. If you wish to safeguard big assets, it’s often a smart idea. However, it’s generally not a smart idea if you spend the majority of your income on utilities, food, or medications.
Examine your health, assets, income, and availability of other healthcare options before deciding if long-term care insurance is appropriate for you.
To determine if long-term care insurance is appropriate for you, consider the following:
- Your life expectancy. You’re more likely to need long-term care if you live a longer life. Consider the lifespans of your ancestors.
- Your gender. Given that women typically live longer than men do, they may need more long-term care insurance.
- Your family situation. You may not need coverage that covers home care services if you have a spouse, adult children, or other family members who can take care of you at home. You could need coverage that exclusively covers nursing home care instead.
- Your family health history. If chronic or severe health disorders run in your family, you could require long-term care.
Your Assets and Income
Think about the following:
- What assets do I have? Will they alter during the next ten to twenty years? Do I have enough assets to warrant the expense of a long-term care policy?
- What is my yearly salary? Will it alter during the next ten to twenty years? If my income declines or the premiums increase, would I still be able to pay for the policy?
- What is the cost of the policy?
- What will the cost of the insurance be if I wait till I’m older to purchase it? When you’re younger, long-term insurance rates are often less expensive.
When you submit an insurance application, the agent will work with you to complete a worksheet to determine if long-term care insurance is the best option for you. The agent will also inform you about the company’s 10-year long-term care premium hikes. It won’t help you forecast future rate rises, but it will give you a general notion of how much and how often rates have increased for that firm.
Exclusive Senior Living with Discovery Village At Dominion
Are you or a loved one searching for an assisted living community in New Braunfels, TX? Our retirement community’s Assisted Living program will provide your loved ones a much-needed respite if their daily tasks have started to make them feel unsafe or insecure. Our Assisted Living community was developed by professionals to simplify, improve, and increase the level of activity for our residents.
To learn more about our retirement community, contact us today!