Long Term Care Insurance

Comfort Keepers explains long term care insurance & how it can help pay for home care

One of the biggest questions that people ask Comfort Keepers of Cambridge & Brantford is: How do I pay for home care? There are a few different options for how to pay for care including Long Term Care Insurance. Long Term Care Insurance can help pay for home care services for a predetermined length of time.

Long Term Care Insurance can help avoid the depletion of life savings for extended home care but this coverage is expensive. The Kaiser Family Foundation reports that policies purchased at age 65 average $1,800 a year for four years of comprehensive coverage and $5,900 a year when purchased at age 79. For some, these prices are affordable when they are still working, but it is important to take into consideration the cost of the insurance after you retire.

Not all long-term care insurance policies are created equal. Here are a few things to keep in mind when looking at buying a long-term care policy:

• Some policies only cover certain types of care. Thus make sure that the type of long-term care that you need is covered in the policy.
• Know up front what degrees premiums may increase over time. A premium can also vary based on the number of covered years; life insurance can be very expensive.
• Many policies have an “elimination period”, which is a waiting time during which the covered individual must pay for his or her own care. The longer the elimination period, the lower the premium.
• Know what percentage of daily care costs your policy will cover and also be aware that inflation will increase costs. Inflation protection commonly sold as a rider for long-term insurance.

At Comfort Keepers, we work with insurance companies to make care easier and also affordable. Here are some insurance companies that we work with:

• Aviva
• Cooperators
• State Farm
• TD Auto
• Intact Insurance
• DesJardins

Not seeing your insurance company listed? Please give us a call and we can discuss coverage options with you.

If you have any questions on how you can pay for care for you or your loved one, please Contact Us. We are available 24/7 to answer any questions that you may have about paying for our home care options.