When choosing an insurance plan for your loved one you may be surprised at the cost of nursing home insurance. Nuts and bolts cover can set the cost way out of reach. Medicare part A and B can set monthly premiums, but that is just the start. There are so many factors to consider, such as premiums, co-pays, deductibles, the maximum dollar amount you can receive per day (if you are receiving Social Security), and so forth. The best thing you can do is to compare nursing home insurance cost with what you are already paying each month for your senior loved one’s medical expenses.
If you don’t already have a long-term care coverage plan, or if you aren’t covered through your employer, you will need to find a company or agent to help you fill out the paperwork. Independent agents work for themselves by charging a fee for the policies they sell. They are paid by the insurance companies, so they will try to get you the best rate possible. If you have questions, they are happy to answer them, but only about thirty days a week. Be careful if you choose an agent who gives you too much time, as you may have to wait a long time before you get an answer to a question you have asked.
Assess the daily costs for your loved one. This includes food, shelter, clothing, bathing, medicine, personal care, and other things. You should also consider all the expenses you can eliminate. If your family is small and only has one bathroom, this could be a major factor in your decision for which nursing home insurance costs to cover. Eliminating daily costs helps you make a more informed decision, but you have to remember that it is impossible to eliminate all expenses. Assessing the daily needs will allow you to make a more accurate estimate of what you will need to pay for.
Include coverage for legal fees, property taxes, and liability insurance. Liability insurance protects you against lawsuits that arise from injuries sustained in the home. If you have children, legal fees could easily top your budget. Property taxes will help you with keeping up the tax payments. Remember that each state has different limits for liability and property taxes, so do your research to make sure you are adequately protected.
Evaluate the cost of assisted living facilities. Some families may not have the extra funds to meet the costs of long-term care, but others might have room. Assisted living facilities offer round-the-clock nursing care, along with various levels of support services, such as physical therapy and speech therapy. Assisted living facilities usually provide twenty-four hour access to medical staff and patients, along with numerous activities including exercise, hobbies, counseling, and socializing.
Determine the maximum level of coverage you want for your home. If there are children in the home, or if any of the family members have a pre-existing medical condition, you will need to obtain additional nursing home insurance. Generally, the more coverage you receive, the lower your premiums will be. Speak to an agent to determine the maximums you can purchase for your particular situation.
Many insurance companies offer either a fixed or a variable interest option. A fixed interest option provides the same monthly payment for the life of the policy, while a variable interest option fluctuates according to a predetermined index. Ask about the stability of interest rates and the range of savings available. Often, you can save ten percent or more by selecting a fixed interest policy. Many insurance companies will offer a low-interest plan for people 62 years old and older.
Often, insurance companies will include emergency medical coverage in addition to the other services covered by the plan. Some plans will also include the cost of prescriptions provided by a medical supplier. If you select an indemnity plan, the provider will pay a certain amount for any prescription or service needed within a twenty-four hour period of your referral. However, be aware that not all providers participate in this type of plan, and you should carefully review your policy to determine whether or not your preferred pharmacies are on the list. Some liability insurance companies do not participate in referral programs, so you may be required to pay for any prescription you obtain outside of the program.