The purpose of this posting is to give you some food for thought concerning a topic that people do not want to confront. The so-called boomer generation will be the largest population group in the country that is approaching its senior years and will have to confront some challenging issues.
When it comes down to the nitty gritty, most of us will age and will require the care of others. There’s a greater likelihood that one will need assistance with daily living skills ( i.e., dressing, bathing, meal preparation, etc.) than being confined to a nursing home. If you ask where would you prefer to be, most people would opt to remain in their own home and most would opt to have assistance/ services provided there.
Then the question is raised, “How will I pay for services to be provided at home?” The answer is twofold: either pay for the services out of pocket or have an insurance policy that will pay for the services. Paying out of pocket can become expensive.
The Council of Supervisors and Administrators (CSA) in New York City offers its members and retirees a home health aide care benefit. CSA will provide coverage for post-hospitalization home health care. Physician certification is required to provide coverage by a certified home health aide. The CSA will pay after a $100 annual deductible coverage of an annual maximum of $6000 and a lifetime limit of $18000. It is a good benefit to have as a CSA member- it is provided free to the membership and is relatively generous.
It’s better than nothing, but typically home health aides are paid $20 plus per hour, so do the math. One will burn through the CSA maximum allowances in no time flat.
SO WHAT IS ONE TO DO? Consider home health care insurance. It is not to be confused with Long Term Care Insurance. The major difference is that the coverages of Home Health Care Insurance are provided in the home and not in a hospital or nursing home.
What’s covered? To give a brief overview:
Care, services and supplies from a home health care agency or qualified home health care provider, such as visits by home health care aides, licensed nurses, licensed physical therapists, occupational therapists, speech therapist and inhalation therapists.
What else is covered? Transportation to and from medical appointments, domestic cleaning and laundry services, food shopping, meal preparation and cleanup.
There are many other services including respite care when, for example, the spouse providing care for the loved one needs a temporary break.
The point I am making is that Home Health Care Insurance provides a valuable coverage for the inevitability of life, namely, that we will all age and quite possibly need some form of help or services to be provided for us.
I will not bore you with the cost – it is very reasonable, in fact, since services are provided in the home, the cost is much less than Long Term Care Insurance which is geared for providing coverage in a nursing home.
The determining factors for Home Health Care Insurance are age at the time of issuance of the policy, and the amount of daily benefits one desires. The older you are when you take the policy the more it costs. The daily benefits payable to you can be from $100 per day to $250 per day. Obviously, the amount of the benefit also figures into the cost. There is no right or wrong. One makes a decision based on what he/she perceives the need to be.
To reiterate what I said before most people want to remain in their own home. How to make that a reality when a person has advanced in age is the issue. Insuring for that contingency is one answer.
If you want more info email me at: cdb1insure@yahoo.comor call Cataldo DiBisceglie 347-952-4000. I believe in NO SALES PITCH, just GOOD ADVICE.
