Senior Care Insurance

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There are many types of senior care insurance, from long term care insurance to Medigap supplemental insurance policies. Each can provide different levels of coverage for the needs that my come into play as and elderly loved one ages.

Long-term care insurance (LTCI). As we get older and face the challenges of aging, many of us begin needing help with daily activities we've performed all our lives. Simple tasks like eating, dressing, bathing and simply getting around can become much more difficult and can rob us of our joy for living. If you or a senior loved one winds up needing care in one's old age, with a long term care insurance policy you'll have the funds needed to pay for at-home nursing care, adult day care, residential care or one of hundreds of other types of senior aid.

Statistics show that at least 70 percent of people over age 65 will require some long term care services at some point in their lives. And, contrary to what many believe, Medicare and private health insurance programs won't pay for the majority of senior care services needed.

The cost of long-term care insurance depends on three ...
... variables:

* Where you live
* The price of services in your area
* How long you need care

Though rates vary, affordable prices are available all over the country through insurance companies that specialize in insurance for the aged. In fact, many specialty insurers offer policies with terms that fit most any budget.

Medigap Supplemental Insurance. Buying a Medigap supplemental insurance policy depends on several factors. One is the question of what Medigap policies the senior is now eligible for. If your elderly senior didn't buy a Medigap policy within the first six months after they first signed up for Medicare Part B, then they may be severely restricted in the policies they could buy now. Medigap rules say that insurance companies are not required to sell a policy past the 6 months from when Medicare Part B was originally purchased. And if a company does agree to sell them a policy, the premiums may be much higher than they would have been if they'd signed up with the first 6 months of getting Medicare. This is particularly true when there is an existing illness.

If after the 6 month period has expired and you can find some Medigap policy for your parent or senior loved one, the next question would be whether the high premium is worth the coverage they get from the policy. For instance, if the senior has mental illness, and that mental illness requires lots of acute medical attention of the kind — doctor visits, hospitalization — Medicare and Medigap cover, then the extra coverage from the Medigap policy may be worth the high premium. But if what you're most concerned about is the potential, because of an existing mental illness and that they may need long term home care, assisted living, or nursing home care, a Medigap policy is not going to be of much use. Medigap policies only pay a portion of the costs that Medicare covers, but neither Medicare nor Medigap pays for long-term home or long-term residential senior care.