Research has shown that this is the preferred way to use the benefits when it is possible.
When it comes to the buyers and users of long term care insurance policies, studies are showing that the benefits are primarily being used for home care as opposed to residence in a nursing home or other form of assisted living facility.
It is the type of coverage that people don’t like to think about and that they hesitate to buy.
However, among those who do buy it, certain trends are being identified regarding its use. The coverage provided by long term care insurance isn’t cheap, and it isn’t always easy to understand. Furthermore, some customers find that it isn’t always easy to receive the benefits payments that they need from their insurers, even when it appears to be clear that the requirements of the policy have been met.
What research is revealing, however, is that long term care insurance is being used in a surprising way.
Though the coverage is traditionally considered to be something that will pay for a nursing home should the need arise, the actual application of the benefits is quite different. Many people with long term care insurance are not choosing to use it to cover the cost of life in a nursing home, but are instead applying it to the ability to remain within their own homes, while receiving the assistance that they require with their daily living tasks.
Whenever possible, individuals with long term care insurance are opting to stay in the home where they have lived for years, have memories, and are comfortable. If there are certain daily tasks that would stand in the way of doing this – such as bathing, grooming, dressing, and preparing meals – then they can use their benefits to have a home care worker assist them where needed in order to remove this burden from other family members or be forced to move into a nursing home.
That said, while many people are preferring to buy long term care insurance in the hopes of avoiding nursing home life, experts are still recommending that the coverage be purchased in a rational way while setting emotion aside, as this may be a requirement. It is far better to be able to afford the necessary living situation, even if it requires a nursing home, then to choose a policy that falls short just because the preference would be to avoid one of these locations.