Ask any son or daughter how it feels when they realize for the first time that their parents are aging. It can be a bit heart-breaking. It can be too difficult to accept that your superman dad and always-multitasking mom are no longer as active as they used to be.
And this is the time for you to step in and fill in the gaps in their needs created by the limitations imposed by their age. You can seek the services of the local preferred home care agency in Brooklyn, NY, supposing you are located in this region. You can also arrange for healthcare services such as physical therapy and nursing care at home. There's a lot you can do for your loved parents.
So, how about starting with having a plan for long term insurance covers? Sounds good? So, let's learn all about how to plan long-term care insurance for your aging parents.
What is long term care insurance?
Long-term care services provide assistance with several activities of daily living. These may include bathing, meal preparation, dressing, medication reminders, shopping, toileting, housekeeping, and other non-medical assistance.
You can check the local preferred home care agency New York
or the city you are residing in to find which agency offers the best services and the expected costs. Depending on the health status and the abilities of your parents to perform physical activities, you may need to avail a range of services to help them manage their healthcare and housekeeping needs.
Long-term care insurance can be a valuable tool in such cases to cover the costs of these services.
Long-term care insurance could turn out to be a great investment for you especially when you consider it before it becomes a necessity. Without LTCI in place, the entire or partial expenses of long-term care would be covered by Medicaid, provided you qualify for it. Or else, the complete costs will have to be borne by you. This is why; planning LTCI would be a good option so that the expenses do not create financial constraints for you.
If your parents are in good health and between the ages of about 50 and 65, it is time for you to shop for an LTCI plan. It is certainly not advisable to wait until the signs of the need for LTCI become evident as the premium for these plans would be based on the health of the insured. The premium may also depend on other factors such as:
• The benefits desired
• The specific medical condition the person is suffering from
• Family history of illnesses, particularly those that are hereditary in nature
If you postpone your plans for the long-term care insurance, you may later end up paying a higher premium, in case your parent happens to develop any disorder during the period.
In case your parents do not have long-term care insurance, the mounting healthcare expenses related to the treatment of their medical condition may deplete their personal savings making them dependant on the family.
These are reasons enough for you to start planning LTCI for your parents now so that managing finances becomes easier later.
Once you have signed up for the insurance, you will be able to provide them better care at hospital or home as the need arises. When most of the healthcare expenses are covered by insurance, you will be able to use your savings to seek the services of your preferred home care agency in Brooklyn, NY
, or the region they stay in. This will allow your parents to sit back and relax given the aid from the agency would be there to take care of cooking meals, laundry, grocery shopping, and so on. That would be the perfect gift you can give to your parents.
Activating LTCI Policy
We all experience relief when our elderly parent is discharged from a hospital. However, you may suddenly find yourself short of resources to care for the parent's needs at home. If your parents have an LTCI policy, you can activate it after such a health crisis to ensure they receive optimum care at home. You can activate LTCI when the patient suffers from:
• Incontinence of urine or stools
• Inability to eat, bathe, or dress
• Difficulty in moving about on his own
• Cognitive impairment resulting in reduced memory, loss of coordination and balance
When your parents exhibit these signs,the LTCI policy can be activated. However, to start receiving benefits, the policy must have crossed the elimination period from the date of signing up.
The elimination period refers to the time-based deductibles for a period of 0-100 days during which you will be responsible for paying the full costs until the coverage begins. Being aware of the specific elimination period of your LTCI plan ahead of time can give you cues to prepare for the out-of-pocket resources during its time span.
After the elimination period, you will be eligible for the coverage of the expenses incurred for the needs of your parents. When you are ready to initiate the activation of LTCI policy, you will need to follow certain steps as given below:
• Call the insurer and request the claim packet including claim forms.
• Fill the claim form and send it to the address mentioned.
• Provide information about your preferred home care agency in New York
or the city your parents stay in along with its tax ID.
• Check if the policy requires the doctor to fill out any documents stating the need for care.
• Check if your parent needs a healthcare assessment by a registered nurse
Even after the claim is approved, regularly monitor invoices and documents your insurer needs in order to keep the claims active. If your parents stay in Brooklyn or nearby cities, ensure each invoice received from your preferred home care agency in Brooklyn, NY
, is submitted to the insurer. Following the procedure, as recommended by the insurer, would help you manage the expenses related to your parent's illnesses easily.
It may not be possible for anyone to decide whether you love your parent more and they love you more. But, one thing is for sure! If you start planning for their long-term care insurance from now, you will definitely be able to make their life easier and comfortable. In addition, you can also check the reviews of preferred home care agencies
and arrange the best housekeeping services so that your parents can relax and enjoy every bit of moment in their golden years.