This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Biggest Bang for Your Buck – How to Get the Most Out of Your LTC Policy Benefits

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Looking for the biggest bang of your LTC buck? To get the most out of your Long-Term Care (LTC) policy benefits, consider these tips.

Watch Your Daily Benefit Maximum

If you can spend less than your daily benefit maximum, the excess funds stay in your benefit pool. This extends your benefits so they last longer.

For example, let’s say you have a daily maximum of $200 for 3 years ($219,000 benefit pool). If you only use $150 per day for care, your benefit pool could last for 4 years.

Get Home Modifications to Stay Home Longer

Basic home modifications, such as grab bars and ramps, may help you stay home longer. Many LTC policies offer a benefit to pay for home modifications so you can get the upgrades you need.

These tips amd tricks will help extend your policy benefits.
These tips and tricks will help extend your policy benefits.

Recruit the Help of Family and Friends

Before spending money on skilled care, ask if family or friends if they can help with minor needs.

For example, Marcia visits her mother every Sunday to help sort out her pills. Her sister Marie lives nearby and visits every day at lunch to make sure her mother eats a good meal and takes her meds. A neighbor comes over at night to help with her eye drops. No single person experiences a huge burden, and their mother is able to stay home longer.

Get Smart

Did you know smart home technologies can do simple tasks for you? Smart plugs combined with Alexa or Google Home can control lighting around the home. Smart devices can also control the thermostat or even call someone in your contacts with a voice command.

Amazon and other grocery store chains offer home delivery services. If you need help preparing medications, PillPack pre-packs your meds and delivers them right to your door.

“Smart home technologies can do simple tasks for you.”

Start Your Elimination Period Early

Some policyholders try to conserve their policy benefits and don’t start a claim until significant caregiving services are needed. However, it’s wise to get the ball rolling early to satisfy the elimination period when you are initially eligible for benefits. Then, you can decide if you want to submit reimbursement requests for all or just some of the eligible charges based on your benefit pool and family plan. If things escalate unexpectedly, it saves you from starting the claim process during a stressful time.

Stay Healthy & Active

The more you take care of your health, stay active, and enjoy social interactions, the more you could save on care expenses. Daily walks, reading, volunteering, playing bingo, and spending time with family and friends can help keep your mind and body strong. Boredom, depression, and too much alone time can lead to a decline in health.

 

At LTC Consumer, we help people get covered with a Long-Term Care plan that fits their needs and budget. If you’re interested in getting coverage for yourself or someone you love, get a free quote and speak with an LTC Specialist today.

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