Long term care insurance covers care when placed in a nursing home facility and depending on the terms of the specific policy, may also cover some types of in-home care. Many now wonder how the pandemic of 2020 will impact long term care insurance now and going forward.
The older you get, the more difficult it is to qualify for long term care insurance. Obviously, to make money the insurance company musts weigh out the collection of premiums against the output of benefits for care. Some insurance providers are also adding additional requirements regarding COVID19 exposure. These vary by policy and carrier but typically require a waiting period to qualify after a positive COVID19 test or risk of exposure. It may also preclude you from obtaining the best rates.
On the positive side, long term care insurance providers are becoming more flexible than before the pandemic on the issue of leaving the nursing home to pursue at-home care options. This seems to be a favorable outcome for both the insurance company and the patient as it lowers risk of COVID19 exposure.
Each policy varies on the amount allowed for in-home care and recently many caregivers have increased their pay rate to offset the risks they are taking with their own health. Some policies also place restrictions on the number of caregivers who can enter your home, and most carriers are consistent about not paying relatives as caregivers.
The bottom line is that long term care insurance is evolving with the virus just like other businesses. At Stouffer Legal, we continue to stay up-to-date with these changes and will offer you assistance in long term care planning by carefully evaluating the best options for your situation. Contact our Maryland office for more information at 443-470-3599.