Many families are choosing to age in place. In fact, AARP reports indicate 75% of individuals prefer to age in place. Aging in place becomes more feasible with aide from senior care providers such as home health aides. That begs the question, is insurance going to cover the expenses related to senior care?
Home Health Care Aides
Home health care agencies may provide a home health aide in particular cases. Those needed skilled services provided by a health care agency qualify for a home health aide. Individuals receiving nursing and therapy services in home may also utilize a home health aide for personal care services. Home health aides may assist with bathing, toileting and dressing. Medicare will only cover the costs associated with home health aides for those who need skilled services. Those only receiving personal care without skilled services must pay out of pocket.
Long Term Care Insurance
Individuals with long term care insurance policies may be eligible to receive funds allocated to senior care or personal care. Many policies will reimburse families or providers for senior care after the elimination period. An elimination period is a set number of days in which families must pay out of pocket prior to coverage. Think of the elimination period like a deductible. However, an elimination period is set amount of time rather than an amount. Following the elimination period the costs associated with senior care are covered by the policy up to a certain amount each day. Be sure to review your policy before finalizing terms with a senior care provider.
Does Insurance Cover Senior Care?
Yes and no. Individuals will have had to have planned for the future and maintained a long term care insurance policy or be skilled services. Those who do not qualify for coverage will incur out of pocket expenses. The limits placed on senior care services highlight the importance of planning ahead. Whether a policy is in place o adequate savings have been allocated, senior care can be very expensive after a number of years.
