How Long-Term Care Insurance Pays for Assisted Living at Parkview
Many long-term care insurance policies can help pay for assisted living, offering valuable support for seniors needing assistance with daily activities, such as bathing or dressing. At Parkview Assisted Living in Danville, KY, we design our services to provide this essential support, making our community an excellent choice for those with long-term care insurance. It's important to note that these insurance policies typically need to be purchased several years before the assistance is required.
How Long-Term Care Insurance Works for Assisted Living
When you select a long-term care insurance plan that covers assisted living, you can be reimbursed for care expenses at Parkview or other locations of your choice. After qualifying for and purchasing a policy, seniors can choose from various benefit options to receive services where they prefer. However, some policies might restrict coverage to specific settings, such as a nursing home or the insured's residence.
Most modern long-term care insurance policies are comprehensive and cover services in various settings, including:
- Assisted living communities like Parkview
- Nursing homes
- Adult day cares
- Memory care communities
- Hospice care
Depending on where a senior receives care, their long-term care insurance policy might cover the following services:
- Assistance with activities of daily living (ADLs)
- Skilled nursing care
- Dementia care
- Assisted living services
- Speech, physical, occupational, or rehabilitation therapy
- Homemaker services (when provided with personal care)
- Respite care
However, check various policies for limitations and exclusions.
Types of Long-Term Care Insurance Policies for Assisted Living
There are three common types of long-term care insurance policies that may be used for assisted living:
1. Individual Policies: Most long-term care insurance policies are bought by individuals directly from insurance agents.
2. Group Policies: Employers might offer long-term care coverage as part of a group plan, which often has less stringent underwriting than individual policies.
3. Association Policies: Non-employer associations can let insurers offer long-term care insurance to their members, similar to individual policies.
Additionally, the Federal Long Term Care Insurance Program offers coverage to many federal and U.S. Postal Service employees, active and retired uniformed services members, and qualified relatives. However, as of December 2022, the program has suspended new applications, although this does not affect existing policyholders.
If your loved one has a life insurance policy, they may be able to add a long-term care rider, an add-on that provides long-term care benefits as a portion of the death benefit.
Duration of Long-Term Care Insurance Coverage
The length of coverage under long-term care insurance policies varies. While some policies offer to pay for long-term care costs for as long as the policyholder lives, it is more common for policies to last between two and five years.
Eligibility for Long-Term Care Insurance
Not everyone may be eligible for long-term care insurance. Applicants can be denied coverage for several reasons, and it becomes increasingly difficult to be accepted after age 70. Factors that might disqualify someone include:
- Already using long-term care
- Needing assistance with ADLs
- Having an AIDS diagnosis
- Having dementia or a cognitive impairment
- Having a progressive neurological condition such as Parkinson’s disease
- Having recently had a stroke
- Having been diagnosed with metastatic cancer
When Long-Term Care Insurance Starts Paying
To begin paying for assisted living, a long-term care insurance policyholder must typically meet the benefit triggers and the elimination period. Benefit triggers are eligibility requirements that determine the need for long-term care, usually assessed by a nurse or social worker. Many policies require that the senior needs help with at least two of six ADLs or has a cognitive impairment.
The elimination period is the length of time a policyholder must pay for their services before the insurance benefits start, often lasting 30, 60, or 90 days, depending on the policy selected.
Is Long-Term Care Insurance Right for You?
Before buying a long-term care insurance policy, consider the following questions:
- How likely is it that I’ll need long-term care?
- Is a family member available to provide care?
- What’s my family health history?
- What’s my income and wealth?
Other Ways to Pay for Assisted Living
If long-term care insurance isn’t the best option for you, there are other ways to pay for assisted living at Parkview:
- Using savings
- Selling or surrendering a life insurance policy
- Applying for a bridge loan
- Using a reverse mortgage
- Renting or selling your home
- Taking advantage of VA benefits
- Qualifying for Medicaid in Kentucky
At Parkview, we understand the complexities of financing assisted living and are here to help you explore all available options to ensure your loved one receives the best care possible. For more personalized assistance, contact Parkview today to speak with one of our knowledgeable advisors.
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