The Difference Between Long-Term Care Insurance vs. A Long-Term Care Plan
When it comes to retirement planning and finding the right long-term care option that best suits your lifestyle, there are a variety of different options –– and the decision can be challenging.
If you’re at or near retirement age, it’s important to understand the differences in your available options and which plan will provide the best coverage for your present and future care needs.
What Does Long-Term Care Insurance Provide?
Designed to provide aging adults coverage in a variety of settings from personal homes to senior living communities, long-term care insurance provides support services such as personal or custodial care. These support services help seniors who need assistance with two to three activities of daily living (ADL’s) with an average premium cost of $2,700 a year.
For those looking into long-term care insurance, one needs to consider this plan sooner rather than later because medical approval is required to obtain care coverage. It’s also important to understand that once one is approved, many plans have a 30 to 100-day waiting period until care can be received. And, seniors and their loved ones are sometimes required to coordinate their own care that might not be covered or budgeted.
A Long-Term Care Plan at Friendship at Home
When comparing these services to long-term care plans, such as Friendship at Home, there are numerous differences that may persuade one to reconsider their options.
Unlike long-term care insurance, those considering Friendship at Home do not need medical approval during the application process. This unique program also provides care to those experiencing deficiencies in only one activity of daily living, providing a personal care coordinator available to arrange assistance throughout retirement.
Seniors who choose Friendship at Home begin receiving care right away with no waiting period factored in — a major indicator between the two options presented. Members pay a steady monthly fee that covers all coordinated care, ensuring they’re taken care of both physically and financially. Many consider long-term care plans the lifetime guarantee for a peaceful retirement at home.
Choosing the right plan for your current and future care needs is crucial for a happy, healthy retirement. Consider the advantages and disadvantages to all of your retirement options while determining which will help you age in place with a peace of mind.
Interested in learning more about our program? Give us a call at (614) 734-2167.