KIRKLAND, Wash. /eNewsChannels/ — NEWS: Many people envision long-term care insurance as a means of paying the bills when they move into a care facility. If you’re one of them, “You should widen your vision,” says Denise Gott, CEO of ACSIA Partners, an industry leader. “LTC insurance also pays for care in one’s own home. But some policies do a better job of it than others.” Today ACSIA Partners announces a campaign to promote Homecare-Friendly LTC plans.
Gott points out that long-term care insurance comes in many forms, not all of them ideal for home care. “There are two broad categories of policies,” she says, “reimbursement policies and cash policies. With a reimbursement policy you submit bills for approval and subsequent payment, which is usually made to an institution. With a cash policy you get monthly benefit checks that you can use however you wish, giving you great freedom in hiring whatever services whenever you want.”
People who prefer to “age in place” (at home) may be better off with a cash policy, according to Gott. But reimbursement policies have their advantages, and some are more friendly to home care than others. “With our approach, we guide clients to the most suitable policies from multiple leading carriers,” says Gott.
Receiving care in one’s own home is not only preferred by many; it can also be easier on the pocketbook, Gott points out. According to the Genworth 2015 Cost of Long-Term Care Survey, the national average cost of a private room in a nursing home is now $91,250 per year, up 4.17% from 2014. Assisted living facility costs now average $43,200 per year, up 2.86% from last year, according to the study. Serious money.
By contrast, care services provided in the home or community can be relatively modest if used judiciously. Homemaker services are now $20 per hour, up 2.63% from 2014. Home health aide services are also $20 per hour, up 1.27%. Adult day care center costs now run $69 per day, up 5.94% from 2014.
At $20 per hour, in-home care services would run $20,800 per year if utilized 4 hours per day 5 days a week. Adult day care services would run $17,940 per year if utilized 5 days a week.
With lower anticipated costs, a less expensive LTC policy might be appropriate. “Our agents serve all kinds of needs of individuals and organizations,” says Gott. “If a client prefers in-home care, a Homecare-Friendly plan will be recommended.”
ACSIA Partners includes a few hundred state-certified agents covering all parts of the country. To get in touch with one, just go to the company’s website — http://www.acsiapartners.com/ — and submit an inquiry form.
ACSIA Partners LLC (in California, xACSIA Partners Insurance Agency LLC) is one of America’s largest and most experienced long-term care insurance solution agencies. The company is also a co-founder and sponsor of the “3in4 Need More” campaign, run by the 3in4 Association, which encourages Americans to form a long-term care plan.
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