Long-Term Care Insurance: A Wise Investment for Your Future

Aug 30, Alissa Sauer

At The Ackerly at Sherwood, we choose to focus on the positives of aging while facing its challenges with preparation and pizzaz. Part of facing the challenges of aging is accepting the necessity of long-term care, which includes services like nursing home care, assisted living, and in-home care. These services can be costly, putting a significant financial burden on older adults and their families. This is where long-term care insurance comes into play.

Explore what long-term care insurance is, why you should consider having it, and how to use it towards assisted living at The Ackerly at Sherwood.

What is Long-Term Care Insurance?

Long-term care insurance is a specialized policy designed to cover the expenses associated with extended care services. These services can include help with activities of daily living (ADLs) such as bathing, dressing, eating, and mobility, as well as care in nursing homes, assisted living facilities, and home healthcare services. This insurance is distinct from traditional health insurance and Medicare, which typically do not cover long-term care expenses.

Why You Should Have Long-Term Care Insurance

Financial Protection

The most compelling reason to have long-term care insurance is to safeguard financial well-being. Long-term care costs can be exorbitant, and they can quickly deplete savings or retirement funds. Long-term care insurance helps to preserve assets and maintain financial security.

Maintain Independence

Having long-term care insurance can allow older adults to choose where and how they receive care. With long-term care insurance, options increase, providing a financial way to move to assisted living where independence can be maintained without reliance on family members for transportation and care.

Eases the Burden on Family

Long-term care can also place a significant emotional and financial burden on family members. Having insurance can relieve them of some of this burden, ensuring that their loved one receives the care they need without straining their family relationships.

Peace of Mind

Knowing that you have a financial safety net in place for potential long-term care needs can provide peace of mind. You can focus on enjoying your retirement years without worrying about the potential financial consequences of needing extended care.

How to Use Long-Term Care Insurance for Assisted Living

Using your long-term care insurance for assisted living is a straightforward process, but it’s important to understand the steps involved:

1. Assessment

Start by assessing your care needs. You may need a healthcare professional or an insurance agent to help you determine if you meet the criteria for your policy to cover assisted living.

2. Policy Review

Carefully review your long-term care insurance policy to understand what it covers, including the types of facilities and services that are eligible for reimbursement.

3. Choose an Assisted Living Facility

Select an assisted living facility that meets your needs and preferences. Ensure it is a facility covered by your insurance policy.

4. Submit a Claim

Notify your insurance company about your intention to use your policy for assisted living. They will provide you with the necessary forms and instructions for filing a claim.

5. Assessment by Insurer

Your insurance company will typically send an assessor to evaluate your condition and confirm that you require assisted living care.

6. Approval and Payment

Once your claim is approved, the insurance company will begin making payments directly to the assisted living facility. Be sure to understand any deductibles, waiting periods, or coverage limits that may apply.

7. Ongoing Monitoring

Continue to meet the eligibility criteria outlined in your policy, as your insurer may periodically reassess your need for assisted living care.

Long-term care insurance is an essential tool to protect your financial well-being and ensure that you receive the care you need as you age. It offers peace of mind to both you and your loved ones, easing the burden of long-term care expenses. If you anticipate needing assisted living or other long-term care services in the future, investing in a long-term care insurance policy can be a wise and prudent decision. Remember to review and understand your policy thoroughly and seek professional guidance, if needed, to make the most of this valuable resource in your retirement years.

Long-Term Care Insurance and The Ackerly at Sherwood

The Ackerly at Sherwood offers life-enhancing assisted living and memory care services that nourish the mind, body, and spirit as residents discover (and sometimes rediscover) lifelong passions and build meaningful connections. We pay attention to the details and adjust care services as needs change so that residents know we always have their back – so they can put their best foot forward. Care services are delivered a la carte and in the privacy of each resident’s apartment.

“I wish I hadn’t waited! I love it here!” – Jane H., resident at The Ackerly at Sherwood

The Ackerly at Sherwood proudly accepts many forms of long-term care insurance for assisted living services. Contact us today to see if your policy can help you navigate the financial aspects of senior living.