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The Ways Long-Term Care Insurance Can Help You Stay in Your Home

Many people purchase long-term care insurance to help with any future nursing home expenses they might face. However, long-term care insurance isn't just for nursing home stays. It can also help adults manage care-related expenses incurred at home. Here's how a long-term care insurance policy could help you afford the care you need while remaining in your house.

Pay for Needed Equipment

While you may not consider equipment coverage essential, many long-term care policies have a benefit that helps policyholders pay for carerelated equipment they need. For instance, a policy might help pay for a hospital bed, a lift chair, a walker or other supplies.

When these benefits are included in a policy, they're usually offered regardless of where the policyholder lives.

The insurance company can pay for both equipment that's needed in a nursing home and equipment that's needed in a personal residence.

If your goal is to stay in your home as long as possible, such benefits can be tremendously helpful. The equipment long-term care benefits cover can cost thousands of dollars, and without the equipment you might find it impossible to stay in your home. For seniors living on fixed incomes, this type of benefit can be the difference between staying home and moving into a nursing home. Pay for Home Modifications.

Similarly, many long-term care insurance policies also have a benefit that helps policyholders pay for home modifications they need as they age. These may include railings, ramps, elevators and other in-home modifications that aren't moveable.

Home-modification benefits are similar to equipment benefits, and home modifications can be just as important. Insurance policies sometimes cover home modifications differently than they do equipment purchases, though. Therefore, you should review a policy's benefits for both home modifications and equipment.

Train Family Members Who Provide Care

Family members who take on the role of caregiver often are ill-equipped to look after an elderly adult, and they can quickly become overwhelmed. Training, however, can greatly help family members adapt to their new roles and successfully provide the care their loved ones need.

Because family members frequently take on at least some caregiving responsibilities, many long-term care policies include benefits for familymember caregivers.

One of the most common benefits offered is the training that can be so valuable.

Pay for Family Members to Give Care

Some long-term care policies even go so far as to financially compensate family members who become caregivers. Just as an aide would be reimbursed by a long-term care policy, a family-member caregiver may also be able to get financial reimbursement for the expenses they incur and the time they spend providing care.

Financial compensation makes a big difference to family members who provide care. Those who give up their jobs to become caregivers can use the reimbursements to pay for living expenses. Those who take on caregiving responsibilities while still working can use the money to pay for services that make their lives easier, such as a cleaning service or to-go meals.

Connect to Other Services

In addition to providing direct benefits, most long-term care insurance providers have personnel who will connect policyholders with other organizations that provide resources for aging adults. For example, a long-term care insurer might help a policyholder or their family member find a:
  • Local meal service
  • Group counseling program
  • Senior-oriented social activity
  • Social services office
While it's possible to find these services without a long-term care policy, talking with a representative who has a list of resources readily available is much faster and easier.

For assistance finding a long-term care insurance policy that will help you stay in your home, contact us at Sachs Walsh Insurance.

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