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Long-term Care Insurance Tips

Moving on to other matters related to aging, planning for the later years of retirement will also involve future living and care arrangements, for yourself as the retiree or your parents, as well as estate planning.

Caregiving that provides seniors support in independent residences, assisted living, long term care, hospice, or respite care.

As far as preparing for care, the results of the Office of Personnel Management’s 2017 Worklife Survey indicated that 17% of the DHS Workforce currently has eldercare responsibilities. And those 17% desire more support and resources for caregiving and finically planning for their aging loved ones. This figure is expected to double in the next 5 years. Employees who are also family caregivers have a departure rate of 40% from the workforce (who either voluntarily left their roles or were let go). The stress and time involved in caregiving can be overwhelming. “Families that plan ahead and allow home care to help result in more support, stress-reduction, better family dynamics, and more affordable options regarding long-term care,” says Andrew Carlson with Home Care Partners of Nebraska. “Caregiving provides seniors support in independent residences, assisted living, long-term care, hospice, or respite care. At Home Care Partners of Nebraska, we are dedicated to providing in-home personal services that improve quality of life and create peace of mind. As a family caregiver, you’re pulled in lots of directions, and Home Care Partners can help you find balance.”

He adds, “If you have any questions we encourage you to contact us, and you can even submit your own questions in advance on our website: Many have asked for our insight and guidance regarding their Long-Term Care Policy. We are happy to review your policy with you at no cost, since there are a variety of policies available and each has different requirements. In the meantime, the following are tips that will help you understand your current policy:

Get a current statement of benefits. What you bought your policy for years ago may have a 3-5% escalation, so it is helpful to know what it is worth in 2018.

Is there an elimination period? Some have 90-120 days that you have to wait before they will pay out.

How many and which Activities of Daily Living do you need to be getting help with? (There are six basic ADLs: eating, bathing, getting dressed, toileting, transferring and continence.)

Home Care Partners can help you understand your benefits and if you can use your LTC as a payer source for your home care.”

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