Long-term care insurance can be a good option for older adults in good health who are planning for the future. However, if you wait too long to purchase LTC insurance, you may find that the cons begin to quickly outnumber the pros.
For instance, the American Association for Long-Term Care Insurance recommends applying in your mid-50s to get the best deal and the greatest benefit from your policy.
Unfortunately, many older adults don’t begin planning for long-term care until much later, when their health and age aren’t as likely to help them qualify for the best plans—if at all. Even those seniors who do begin planning early are often disappointed by the unexpected costs and far-from-comprehensive coverage of LTC insurance.
Luckily, LTC insurance isn’t the only option. For many seniors, a continuing care at home (CCaH) plan may actually be more cost effective and beneficial in the long run. While exact benefits vary based on the specifics of the plan and your personal situation, here are a few advantages of CCaH to consider.
3 Lesser-Known Benefits of CCaH
1. More flexibility
Choosing CCaH can provide older adults with benefits that are more personalized to their needs and allow for greater flexibility as they age. Since the requirements to receive care are typically less stringent than those of an LTC insurance policy, a CCaH plan can also appeal to a wider variety of seniors.
2. More extensive benefits
Many LTC insurance plans limit the covered services to those necessary for health care only. A CCaH plan is more likely to cover additional services, such as companion care or transportation needs.
3. Fewer limits
One of the biggest issues with LTC insurance is that it’s impossible to know what kind of care you’ll need and how long you’ll need it. For this reason, many policies contain monetary or time limits that could leave you uncovered in the future, depending on the amount of care you need and the time frame during which you need it. On the flip side, a CCaH plan is more likely to offer you care for life—no matter how much or how long you need it.
The Importance of Planning Early
Regardless of which option you choose to help ease the financial burden of long-term care, the most important step you can take is to begin planning as early as possible. Even though discussing long-term care with your partner or extended family may be difficult, putting it off won’t make it any easier. Instead, planning early will allow you to fully compare all of the available options and make the best choice for you and your family.
Feeling overwhelmed about planning and your retirement future? You don’t have to do it alone. Learn about all the options seniors like you are choosing in our free guide, Aging in Place: A Popular Trend for a New Generation of Seniors.
