Planning & Funding Adult Home Care

Funding Senior In-Home Care With Long-Term Care Insurance in Spring Lake, MI

Learn more about the various senior in-home care payment options such as long-term care insurance.

Comfort Keepers of Spring Lake, MI provides senior in-home care services such as assistance with daily activities so that older adults can continue living independently at home without breaking their routine. The main funding options include Medicare, Medicaid, insurance, Veteran's benefits, and out of pocket assets.

Long-term care insurance can sometimes help pay the costs of senior in-home care for your loved one and provides a safety net to protect one's savings in the case of an unanticipated health crisis. Long-term care insurance coverage is expensive. According to The Wall Street Journal, a 55-year-old single adult can expect to pay $2,065 a year for $162,000 in benefits with a 3-percent compound inflation protection. Moreover, premiums increase with the age of the purchaser. Those who wait longer face higher premiums and an increased possibility of being denied coverage.

Not all long-term insurance policies are created equal, so be sure you know what you are buying. Inform yourself well or consult a financial advisor for expert guidance. Some policies cover only specific types of long-term care while others cover a variety of services, such as nursing home, assisted living or in-home care. It is good to know up front to what degree premiums may increase over time. Inflation is also something to consider. Many plans offer inflation protection, which can offer a guarantee that the premium won’t drastically increase with inflation.

Although expensive, long-term care insurance gives seniors peace of mind knowing that they’ll have funds available if they ever require home health services. It can help your loved one maintain financial independence and relieve family and friends of future caregiving tasks and costs. This sort of insurance is still much cheaper than paying for adult home care out of pocket.

For more information on long-term care insurance and coverage for home care, please contact our Comfort Keepers office in Spring Lake, MI.

 

 

Comfort Keepers is proud to serve the following areas of Michigan:

 

 

18000 Cove St #203, Ferrysburg, MI 49456

 

Comfort Keepers of Spring Lake, MI is proud to be a BBB Online Accredited Business and the recipient of the 2015-2016 Comfort Keepers Operational Excellence Award!

 

Comfort Keepers of Grand Haven, Muskegon & Whitehall, Inhome Care, Spring Lake, MI
 

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