WFC Recommends and Helps Clients Use Long Term Care Insurance
November has been designated Long Term Care Awareness Month to educate Americans on the growing need for long term care (LTC.) We highly recommend LTC insurance to our WFC clients for the coverage it offers in case of health-related emergencies or the everyday consequences of living longer lives. What’s more, WFC makes the LTC process easy by helping our clients understand its benefits and usage as well as handling claims and payments, if desired.
The Long-Term Care Insurance Landscape
People require long-term healthcare services due to illnesses, accidents, or the effects of longevity. The value of LTC insurance is enormous but a common denominator of the impact of long-term care is it will adversely affect one’s family and finances.
Being prepared starts with being aware.
Some facts and figures:
- 70% of men and women over the age of 65 will need some kind of long-term care services.
- 14 million Americans currently require LTC support services.
- 27 million Americans will require these same support services by 2050.
-American Association for Long Term Care Insurance (AALTCI)
And being prepared continues with understanding there are many insurance options available. Families turn to financial advisors and insurance agents to help with long term care’s financial impact and to recommend appropriate choices, based on need and what can be afforded.
Multi-Dimensional Challenges
AALTCI says that an appreciation of the importance of long-term care planning comes with awareness and understanding of the many available solutions to reduce the financial and physical burdens places on families. Without advance planning, the family faces a crisis. A family member – often a daughter or daughter-in-law – takes on the responsibility of caregiving and / or managing paid care services. These family caregivers can be unprepared for the physical, emotional, and financial challenges that come with the role.
“Caregivers experience higher rates of depression, more health issues and social isolation. Having a plan for long term care will provide loved ones with resources to make sure the care needs are met without bearing the entire burden themselves.”
-Kerry Peabody, leading expert on long term care
A Juggling Act
Another misconception about who should provide the caregiving is that clients may think that their adult children will easily provide any care they may need in the future. They don’t consider that, in today’s environment, their adult children have careers and other family responsibilities, leaving little or no time for taking on the role of caregiver. Juggling all the responsibilities in addition to the role of ‘caregiver’ becomes part of the problem.
Longevity Problem
Seniors are living longer which presents another challenge to the adult children caregivers.
“A 90-year-old’s 60-70ish kids don’t usually have the physical ability and stamina to provide care, and they may even need care themselves. Everyone underestimates the toll of caregiver stress.”
-Kay Dent, Illinois Eldercare Attorney
WFC is Your Long-Term Care Partner
LTC insurance is one of the best investments one can benefit from during all-too-common medical events that seniors have, such as falls in the home or burns. At WFC, we can attest to observing the relief and ease with which families having LTC fare during these emergencies relative to those who have to “self-fund” their medical care during unanticipated medical episodes.
WFC assists clients with LTC insurance in three important ways:
- Use It … encourage the client to use their LTC policy and not have it sit on a shelf.
- Understand It … demystify the many levels of confusion and misunderstanding about using the LTC policy; once they understand the intricacies, they want to use it more.
- Make it Easy to Use … handle as much of the claims process as the client prefers, including accepting assignment from LTC provider (no fee charged.)
Making LTC Understandable
WFC thoroughly understands the coverage options offered by LTC Insurance companies as well as their functional procedures, about which we devote substantial time to educating and providing explanations for our clients and their families.
Often, clients feel the dynamics of using LTC insurance is confusing or difficult to understand. WFC recognizes that LTC insurance can be complicated and cumbersome. We do everything to assist our clients in explaining how current policies work and then discussing how best to utilize them, on an individual basis.
Making LTC Claims Easy to File
Our experience with over 20 LTC insurance providers prepares us for most of the situations clients are likely to face. We know the in’s and out’s of each insurance company, we have electronic claims submissions with many of them, we maintain ongoing relationships with them, and we’re familiar with different processes for assessing and approving claims and invoices.
Financially, we will bill them directly and we provide all documentation and follow up for reimbursement. If preferred, we can also accept assignment of benefits from the LTC company such that we are paid directly, and the client is not out of pocket for their LTC Benefits.
- We handle all the claims paperwork.
- We handle everything else needed to submit to insurance.
- We can coordinate any assessment needed (with a nurse, when necessary.)
- Normally, it’s a reimbursement directly to the client.
If the client doesn’t want to advance the payment, WFC will take the insurance company’s assignment and wait for them to pay us (no fee charged for this service).
Summary
The optimal path for LTC Insurance is one where awareness leads to investigation which leads to planning. Ultimately, planning allows for maintenance of control and independence. Taking action on the plan safeguards the client’s income and assets. It also reduces the stress, anxiety, and burden that aging places on clients and their families.
WFC distinguishes itself from other agencies by our comprehensive methods of assistance and the valued relationships we’ve developed with LTC insurance companies.
Westchester Family Care Inc. assists people of all ages, by customizing home care plans to maintain healthy quality of life and safety at home.
Contact WFC for an immediate family need or when planning for future needs: info@westfamilycare.com, 914-764-7500, www.westchesterfamilycare.com.
Westchester Family Care Provides Peace of Mind and Confidence that the Elderly Are Safe and Living with Dignity in Their Own Home.