Finding a long-term plan right for your loved ones
When looking at finding the right long-term care solution for yourself or a loved one, cost is often the first criterion that comes to mind. When you consider the average cost of a private nursing home room in Austin is around $203 a day, the need to plan for that kind of expense becomes more and more necessary.
Unfortunately, few of us have the kinds of assets needed to pay a sum such as that out of pocket, but fortunately, there are long-term care insurance policies and answer to help you cover the costs.
For more information, check out this Do You Need Long-Term Care Insurance? infographic from Angie's List.
There are three major kinds of long-term care insurance that can help you afford the ideal nursing home facility for you or a loved one. Each one differs in various ways, but in essence, for a premium each year, they help cover that daily cost of long-term care. The first major kind of long-term care insurance is a reimbursement policy. This policy covers you for actual charges. If your care costs $150 a day, this plan reimburses you $150, even if you have a plan that covers up to $200 a day. The remaining balance stays in the pool.
The second major type of long-term care policy is the indemnity policy. These kinds of policies give you the entirety of your coverage. For instance, if you have a $200 a day plan, you actually receive the full $200 even if your care is only $150 a day. This kind of policy is of course more expensive from a premium standpoint.
Finding the right insurance plan for your care can be difficult, but finding the right nursing home facility doesn’t have to be. Let Angie’s List help you find the customer reviewed and highest rated nursing homes facilities in Austin.