Hospital Indemnities, Home Health Care, Long Term Care 101
Hospital Indemnities are good programs to help with medical costs and they are very inexpensive. The most expensive costs that an individual can have Hospitals and Skilled Nursing Facilities. Most of these programs will offer more money upfront when you must stay overnight at a hospital. Some programs even offer additional coverage if you must go to a Skilled Nursing Facility. For example: If you fall and break your hip. You may go into a hospital for 3-4 days and then get transferred to a Skilled Nursing Facility for rehabilitation. In this scenario you may receive anywhere from $500-$2000 for your stay at a hospital and then receive $50-$150 a day you were in the Skilled Nursing Facility. Also, these Indemnities get paid out directly to the client, so it doesn’t get filtered down through your regular health insurance provider or the hospital or care facility. Just a check in the mail directly to you. A lot of times if there is a health need like this, it will pay for itself and make you money in the process. There are a lot of companies that offered these types of programs so get with one of our agents and they can find you a good match.
Home Health Care Indemnities are quite popular now days. The main reason is there are more and more people that would rather receive care at their home rather than go to a Nursing Facility. These indemnities are very inexpensive and can provide additional income paid directly to you to pay for that care. For example: Say you injured yourself and need extra care for six months. You have someone come in and cook and clean the house while you are off your feet. You may receive $150-$750 or more a week to help with those costs. What if you were receiving $450 a week from this indemnity but the actual cost was only $200 to have that person come in and cook and clean. They still pay you the $450 per your contract and you keep the difference. So, if there is a need, not only can you help with those cost but sometimes it can also cover those expense for the indemnity itself for many years to come.
Long Term Care can be tricky. Its typically better to get an LTC product when you are in you 50's because the rate is so much better. The older you get the more expensive these full coverage programs can be. But they serve an increasing need. We all have known someone that had a physical or mental need that required a Nursing Home or Home Health Care professional for a longer period. Maybe 5-15 years. It is a possibility and can drain that individual and their family savings very quickly. Full coverage plans are available and will depend on age and health as far as cost.
Now, they do have shorter Long-Term Care plans that you can get for 1-3 years that are less expensive and offer an alternative to full coverage. For those that are older and are on a tighter budget, this is a great option. Typically, our health declines and we pass away the last couple years of our lives. So, by having a plan that covers, 1-3 years isn't a bad idea. The cost is not that expensive and yet it still provides Nursing homes and Home Health Care needs. Talk to one of our agents to see which plan is right for you.