As we age, long-term care becomes more of a consideration. In fact, more than 70% of those over 65 will need long-term care at some time. While this can be expensive, there are insurance options to help with costs. There are a variety of options available including nursing homes, adult day care, and assistance with daily activities such as eating and dressing. The policy can also help with hospice when that time comes. 

Putting a Long-Term Care Policy in Place

The benefits from this type of policy do not go into effect until there are several things that activate it. This can include a physician’s recommendation, the need for mobility assistance, or personal help with daily care such as dressing, eating, or transferring from a chair to a bed. Most policies have a waiting period built into them. These periods can vary with each policy from three weeks to three months. When that period is done, the policy will start covering all of the costs. When you are looking for long-term care insurance in Brooklyn, NY, the team at Margolis & Associates is ready to help.

What to Look for When Researching Long-Term Care Insurance

  • Consider the maximum benefits – Most policies will have a maximum that they will pay out. This can include nursing homes and in-home health care. Make sure that you understand the terms and conditions of the policy.
  • Inflation protection – The policy should include some benefits for protection from fluctuations in inflation.

Things Usually Not Covered by Long-Term Care Insurance

  • Mental illness with the exception of dementia
  • Self-inflicted injuries
  • Injuries that happened during military combat
  • Alcohol or drug addiction

Factors That Affect the Cost of Long-Term Care Insurance

There are several factors that impact the cost of the insurance policy. These include:

  • Your age and health – Older people may pay more for the coverage they need but if you purchase it while you are younger, you may not actually need the coverage for many years.
  • Gender – Women statistically live longer than men and can have more health problems. When looking at policies, look for the right fit.

Supplements to Long-Term Care Insurance

  • Veterans’ health care may provide additional benefits to you including physical therapy, pain management, and daily living activities.
  • Medicare Part A may help with short-term care based on your situation. Its coverage can be limited though.
  • Medicaid can provide care options that last longer but you must meet the income requirements to be accepted.
  • State partnerships with insurance companies – many states, including New York, have programs that can connect you with insurance companies that allow for reciprocity that help financially.

Find the Right Solution

When you are looking for long-term care or health insurance in Westchester, NY, call Margolis & Associates. We’ll help you find the right solution that meets your insurance needs. Get the coverage that you need today.