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  • Getting the Best Long-Term Care Quotes

    Wednesday, August 10, 2011

    We all have loved ones in our lives that are getting on in age and need more assistance than we can reasonably provide on a daily basis. Getting long-term care quotes from your primary or third party insurers is a good place to begin searching for affordable, comprehensive care for your older family members. It’s only natural that you want to provide the best possible living situation for them, and fortunately that is more than affordable with the right long-term care (LTC) provider. A term quote can rate you at as little as $200 annually, which can dramatically curb nursing home costs that can range anywhere from $50,000 or more every year. But purchasing a plan now is of the utmost importance, as waiting until care is needed could dramatically increase those rates. Plus, you’ll want to plan for the expenses ahead of time before they pile up because of unforeseen coverage conflicts.

    Shopping around and purchasing a plan now will mean that when the time comes to file a claim, be it an unforeseen illness or the need to relocate to assisted living, the benefits will begin far sooner than later. The elimination period is the time between when a claim is filed and when the benefits begin. If you have an elderly parent or relative that needs to be moved to a nursing home in the foreseeable future, purchasing a policy now will mean that when you do file a claim with the insurer, the time until they are placed in a facility will be brief and easily managed. Most LTC providers will require a medical exam to be performed before any claims are filed or benefits can begin. Having this done as soon as a policy is purchased will ensure that the elimination period will be as short as possible. It also means you can save money on the monthly or annual premium, as insuring someone before they require care means lower rates.

    So who shoulders the costs of an LTC plan? On average, family members pay about a fourth of the total expenses while the person receiving the benefits pays the rest. Unfortunately, Medicare does not supply much support at all, with the best amount being around 12 percent of paying for in-home nursing programs on a short-term basis. Conversely, Medicaid can take care of nearly half the expenses of nursing homes. Doing some research online and getting free quotes will be your best gauge of expenses.