When people are healthy and able to care for themselves, they don’t always think about what will happen if they’re unable to because of an accident, injury, health condition, or age. The inability of someone to take care of themselves can be a financial hardship on them and their family when trying to pay for private care in the home. Long term care insurance company in Texas can cover care for activities of daily living or supervision for someone that needs care beyond 90 days. This would include bathing, eating, dressing, toileting, and transferring. Although family members want to help in this time of need, the stress and exhaustion of juggling their schedules can take a toll on them.
In-home care, assisted living, or nursing care can cost several thousand dollars a month. Many people do not have these type of additional resources to pay those kinds of fees. Long term care insurance company in Texas can cover four major parts of long-term care and should be considered when choosing how someone should design their policy. An individual has the option to pick the options they want in their policy that fit into their current budget. A daily or monthly benefit can reimburse someone for their qualified care in their home, an assisted living facility, or nursing home. The duration of the benefit is the pool of money the person has for any eligible expenses.
Long-term care insurance also has a waiting period before the benefits from the policy begin to pay the expenses. This could be zero days up to 180 days. This is beneficial if someone has some money set aside for unforeseen situations. Inflation protection can help to grow your monthly benefit to in order to keep up with the increasing costs of future care.
Home care has an option to waive any waiting period if the services are provided in the patient’s home. This is an outstanding benefit to have so the patient can remain in their home and be comfortable.
