Affordable long-term care is a controversial topic for aging adults in The Sunshine State. More than a quarter of Florida’s population is above 60 years old and by 2030, they will make up more than a third of the state’s population. It is never too early to start thinking about potential hospital bills and more, after all, it’s better to be safe than sorry and the cost of long-term care can add up, so it’s far better to plan in advance with long-term care insurance. Long-term care insurance is similar to life insurance, designed to help you with the financial aspect of medical fees and assisted living services as you age. While you might not end up needing this coverage, it is usually bought just in case. Having money aside for a rainy day can make a huge difference. Though no one wants to think about their health potentially declining in the future, if it does indeed happen, having financial help can make a world of difference, meaning that you will not have to worry about finances in addition to your health. Wondering if long-term care insurance covers the cost of senior living facilities in Cape Coral, FL? Read on to find out.
So, How Does Long-Term Care Insurance Work?
After purchasing a policy, you will pay a monthly premium that goes into an eventual benefit payout when or should you need it. You receive the benefits when you are in need of long-term care. Long-term care includes regular doctor’s visits or continuous treatments for a diagnosed ailment that requires long-term treatment or even when you choose to enter a retirement community or assisted living community. Contingent on the specifics of your policy, you may receive benefits monthly, weekly, or even daily. Long-term care insurance is much like a life insurance policy, except that you get the benefits of the payouts to use to help you live a better and more comfortable retirement.
What Does Long-Term Care Insurance Cover?
Here is a list of the most common fees and services long-term insurance covers.
- Extended hospital stays
- Multiple surgeries
- Regular doctor appointments
- Prescriptions
- Assisted living facilities
- Processes of testing and diagnosing illnesses
- Rehabilitation/physical therapy post-surgery
- Radiation or chemotherapy treatments
- Other fees required to recover and treat long-term illnesses e.g Alzheimer’s, stroke, or dementia
Why Consider Long-Term Care Insurance?
Medicare does not cover the medical cost of everything so it’s best to have a plan in place to cover long-term medical costs if needed. You might not have enough money in your savings post-retirement to cover living expenses as well as increased medical costs. Though you might think you have enough set aside, accidents can happen which can derail your plans for retirement. You might not want to place the burden of paying for medical bills on your children and though you might be financially strained by bills you have to pay, you might not qualify for Medicaid to help with all of them.
Looking for an Assisted Living Community?
At our Assisted Living community, our residents are privy to a lifestyle of personal attention and assistance with daily tasks such as eating, dressing, taking medication, grooming, bathing, and more. The health and well-being of our residents are our number one priority and we aim to help them be as independent as possible with individualized care plans and activities that enrich their social lives. Contact us today for more information.
