Dos and Don’ts of investing in a home care

During the paying for care homes, there are many emotional, psychological and financial stresses that one goes through. Especially in today’s world which has so many agents hovering over the applicants trying to convince in buying their investment schemes, it becomes quite a tricky task to select one. 

Do:

• Ensure that the policy is inclusive of a clear statement which comprises of all the facilities of inside the home for your loved ones.

• Before paying for care home fees, make a list of all the charges and additional costs for items that are not included in the daily list provided by the home care.

• Include the notice of the right to apply for Medicare and the right to make an appeal for those decisions.

• Ensure that the care home’s ‘behold policy’ is in constant accordance with the Medicare requirements.

• Ensure that the requirements are such that the policy holder has to leave the care home only when the condition and the health are better and the nursing care is no more required.

• While paying for care homes, make sure that the decisions like how will the person shifted to another room are included in the policy.

• Let your attorney have a complete look at the agreement and all the terms and conditions before you or the policy holder signs it.

Don’ts:

• Never sign the agreement as a guarantor or a responsible party, especially if you do not intend to pay for the resident’s care.

• Don’t agree to pay for the limitation on the liability of the home or any of the resident’s personal property.

• Before paying for the care home fees, be sure never to include a clause according to which the resident has to deposit all the income directly into the account of the home care.

• Do not agree with the policy which says private pay status or other upfront money if the policy holder is resident.

• Never let the policy have any clause that can restrict any visiting hours.

• Including a provision that requires the applicant to consent to various medical procedures such as having a living will, or the health care power of the lawyer.

Keep these simple yet effective tips in mind, and you are set to go. Now that you know what and how to make the selection of an ideal investment plan and how to pay in a care home, good luck with the same!

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Questions to ask before going for the long term care

The decision to send your loved ones in the long term care is not a small thing and should be handled with care. There are a number of things to be considered from the variety of options available. You should never purchase any policy without being informed about it otherwise it can prove to be quite a costly affair. Before you finalise on any scheme or investment plan, make sure you follow these simple guidelines:

• Look for all the available options around you. Very extensively. Talk to different companies and compare the benefits and services that are included in their facilities. Never go for a policy simply because it is least expensive, you should cover all the coverage carefully. Ask all the agents to explain all the policies in detail and an outline summary of all the plans. Don’t fall under the trap of agents who say that a particular offer is only for one time.

• Make sure whatever you have been told is also present in writing. The policy and the terms and conditions should cover all the instructions and minor details.

• If there is something that you do not understand by the policy, feel free to ask the agents right away. Continue asking till the time you do not understand it completely.

• Does the long term care advice have inflation protection? How is the protection calculated? It should be calculated by the compound interest method and not simple interest.

• Does the long term care policy include death benefits and other non forfeiture benefits? They are nice to have.  

• Who gets to decide when will you be eligible to the benefits? All companies have different strategies to pay the benefits. For instance a doctor’s order, others include the abilities of the policy holder like bathing, changing, feeding themselves.

• Will the policy examine the mental functions when deciding the eligibility?

• Does the policy in order to fulfil its requirements, a ‘one on one continual assistance’

• Have you replied to all the medical questions put forward to you genuinely? Some companies even ask a statement from your doctor regarding your medical condition, so that the company is sure that you are a good risk! This is one of the best long term care advices possible.  Irrespective of what your agent says, you should always disclose all your medical history honestly. If you do not remember all the details, refer to the doctor and take down any points that you might be forgetting.

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