Long-Term Care Insurance (LTCI) And FCP Live-In
No one wants to think about needing daily assistance for something as routine as taking a bath or putting on clothes. But, the possibility of needing a long-term case grows greater as a person ages. What’s more, without the finances to pay for this care, older adults may face a lower quality of life. For these seniors, long-term care insurance may be the answer.
FCP Provides Live In Care For People With Long-Term Care Insurance
Long-term care insurance (LTCI) helps pay for services when long-term care is needed for a chronic medical condition, a disability, or other illnesses. Individuals have many flexible LTCI policies to choose from that offer a broad range of benefits. For instance, a policy might offer a care coordinator who assesses the individual’s needs, develop an individual care plan, and arrange for services.
There are also Long-Term Care Insurance (LTCI) “hybrid” policies that combine long-term care policies with life insurance policies. Hybrid policies typically cost more than traditional Long-Term Care Insurance (LTCI) policies. However, the long-term care benefit the policyholder does not use becomes a death benefit for the policyholder’s beneficiaries. Traditional LTCI policies do not give any money back if the policyholder does not use the long-term care benefit.
A benefit period for Long-Term Care Insurance (LTCI) may range from two years to a lifetime. The policies pay a fixed amount of money in any single day for the benefit period a policyholder selects.
Most Long-Term Care Insurance (LTCI) policies have a waiting period of 60 to 90 days before the benefits begin, while other policies do not have a waiting period. Insurers have a waiting period to see whether the policyholder’s health improves during that time. During that period, policyholders must cover their own expenses.
Similarly, some policies do not require medical examinations, mainly if applicants are in their 40s and 50s with no major medical conditions. Other policies may require medical exams, medical records, or laboratory tests.
Long-Term Care Insurance (LTCI) Pays Costs Not Covered By Traditional Health Insurances
Long-term care can easily drain a budget dry because this type of care usually involves hospital stays or a need for daily assistance with such activities as dressing, grooming, and toileting.
Long-Term Care Insurance (LTCI) offsets the costs for daily personal assistance, whereas employer-sponsored health insurance like HMOs and Medicare only pay doctor bills and hospital expenses. However, Medicare will pay for home health care for limited skilled nursing or rehabilitation and short-term stays at nursing homes. On the other hand, Medicaid provides in-home personal care assistance for low-income recipients who must meet certain eligibility requirements for the program.
It is beneficial to read policies carefully regarding coverage for people with pre-existing conditions or any other forms of dementia. Some insurance companies will disqualify individuals if they have a combination of chronic illnesses or have just been diagnosed with Alzheimer’s disease. On the other hand, coverage may be available if the Long-Term Care Insurance (LTCI) is in place before a diagnosis.
When To Buy Long-Term Care Insurance (LTCI)
People in their 40s and 50s can buy Long-Term Care Insurance (LTCI) at a lower premium, but they may be paying insurance for years before they need to file a claim. Financial advisers recommend purchasing an Long-Term Care Insurance (LTCI) policy between the ages of 60 and 65 that are seen as “not too young, but not too old.” Couples are advised to start shopping around 55 years old.
The monthly premiums are generally affordable for people in their 60s who are in relatively good health. However, people 70 and over who purchase a policy usually pay higher premiums.
Costs for Long-Term Care Insurance (LTCI) Varies
The American Association for Long-Term Care Insurance (AALTCI) estimates that a healthy 60-year-old couple should expect to pay an average of $2,170 per year on a plan that provides a $150 daily benefit for up to three years. This is only an average, the AALTCI says, because the actual prices vary dramatically based on a number of factors, including the person’s age, the level of inflation-adjustment protection, and the size of the daily benefit.
Other factors can include the state in which the policyholder lives, the policyholder’s medical issues, and more that a Long-Term Care Insurance (LTCI) specialist can explain in detail.
There are tax benefits associated with LTCI policies. Generally, the benefits paid through the policy are not taxed as income. In addition, the premiums may be tax-deductible when itemized with other annual medical costs.
Long-Term Care Can Be Performed At Home
Most Long-Term Care Insurance (LTCI) policies allow care to be provided at the policyholder’s home, a nursing home, an assisted living facility, or even an adult daycare center. Most older adults who want to age in place but need long-term care prefer to be cared for at home.
At FCP Live-In, we understand that our clients want to feel secure and cared for in a familiar environment. Our live-in caregivers help alleviate our clients’ fears of moving into an assisted living facility or a skilled nursing facility, which are expensive and usually understaffed.
FCP Live-In provides the same services as these types of facilities but at a more affordable cost and, most importantly, in our clients’ homes.
About FCP Live-In And Our Long-Term Care Insurance (LTCI) Services
We have provided the ultimate solution for assisted Long-Term Care services since 1997. Our live-in Long-Term Care services agency is committed to providing a unique and customized In-Home Long-Term Care services approach to senior care with the goal of a lifestyle that provides enjoyment for the one in care and families with peace of mind.
At FCP Live-In, a leading live-in care agency, we provide various services for seniors who use their benefits paid through a long-term care insurance policy. Our services include:
Personal Care Services
- Help with bathing, dressing, grooming
- Help with toileting, incontinence care, and safe trips to the bathroom at night
- Help with movement, such as walking, transferring from a bed to a wheelchair
- Medication reminders
Light Housekeeping Services
- Dusting, vacuuming, sweeping
- Changing beds
- Cleaning kitchen and bathrooms
- Grocery shopping
- Running errands
- Preparing meals as directed by a physician
- Transportation to medical appointments
- Help with exercise
- Providing companionship to clients
- Engaging client in meaningful conversation
We customize services to meet the unique needs of our clients. Our professionally trained live-in caregivers provide compassionate and respectful care and support that improves our clients’ quality of life.
If you want the best affordable live-in care from highly skilled caregivers, contact FCP Live-In. Call us today at 1-866-559-9492.
FCP Live-In is a Live-In Home Care company with over two decades of experience specializing in elderly care needs within the home. Our live-in caregiver staff provides an insurance policy of safe and supportive care, along with a 24-hour professional support system that starts with our direct care staff in the home and expands out to a multi-faceted corporate structure that is there for the client and the Live-in Caregiver at all times.
For more information about our Long-Term Care services, contact FCP Live-In today at 866-559-9492, or please fill out the form below.