People mistakenly assume the Medicare will take care of their expenses when they get older. Unfortunately, they don’t realize that the program severely limits benefits for long-term care; Medicare is primarily used for brief rehabilitation stays in nursing homes. The cost of long-term care is very expensive. If you don’t have insurance or a lot of money, your choices for long-term care are severely limited.
Insurers have recently released new policies that cover fully trained and certified home health aides (details). Without insurance, a visit from a home health aide can cost hundreds of dollars; the national average comes out to about $25 per hour that the specialist is at your home. If you need extensive care, expenses can quickly spiral out of control.
When family members provide care, expenses are harder to estimate. The caregiver usually needs to leave their job, and emotional stress takes a toll that can’t be quantified in dollar amounts. It’s hard to estimate, but home health care provided by a loved one turns out to be just as expensive as paying a professional.
How Do The New Policies Work?
It’s important to apply for your policy before you need a home health aide. Before you are approved for your policy, you must meet your insurance carrier’s criteria; they will look over your application and let you know if you qualify. They do this so people don’t buy policies when they already need a home health assistant.
Once you are approved for your policy, you pay monthly set premiums. When the time comes, these premiums are used to pay your home health assistants. Today, most people receive care in their homes; people don’t use assisted living and nursing homes as often as they used to. Insurance companies see this trend, so they’ve created new policies that cover home health assistants for their customers.
Unlike other insurance plans, you can use your policy to reimburse a loved one who is looking after you. Informal caregivers, friends and family are all eligible to receive reimbursement for the care they give.
Can You Afford Home Care Without Insurance?
Most people choose to buy insurance for home care because they know that they don’t have enough to pay out-of-pocket; when you’re older, you really don’t want to deplete your savings for home-based services. Home care insurance helps make sure that you never run out of money when you are older; the plans give you the resources you need to get top-notch care at your home.
Life is full of surprises, and there is no guarantee that you’ll save enough money to pay for care out-of-pocket. The great thing about home care insurance is that there is no minimum age requirement; if you’re young and get into a debilitating accident, your policy still covers your home-based care.
Counting on your savings to pay for home-based care is a huge gamble. There are new policies that cover home health aides; they are affordable and easy to qualify for. If you get one of these policies, you make sure that you will be taken care of properly in the future. Buying a low-cost policy today will save you tons of money in the future.