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New LTCI Plans May Benefit Home Care Clients

elder care options"Two out of every five American adults are caring for an older loved one who is aging in place, a number that continues to increase each year as the demographics shift toward an aging population," said James Mark, president of the Private Care Association (PCA), the national association for private duty home care registries and referral agencies. While these families recognize the need for trusted in-home caregivers that can help shoulder the burden of care, not everyone has the right kind of insurance plan to cover costs.

As a solution, the U.S. Department of Health and Human Services Administration on Aging has recommended a variety of options for using life insurance policies to help pay for long-term care services. Experts suggest the emergence of new strategies enabling customers to convert their life insurance policies into long-term care insurance benefit plans could help millions of Americans afford in-home care. In-home care, combined with a reliable homecare system or homecare software such as ClearCare Online, has proven to help seniors maintain their independence while living comfortably and safely at home.

The Need for In-Home Care Increasing

According a study published by the AARP Public Policy Institute, the supply of family caregivers is unlikely to meet the demand of as our nation ages. The study found that the number of potential family caregivers for each American over the age of 80 is expected to go from seven caregivers in 2010 to only four caregivers by 2030. Even now many families are struggling to care for their elderly loved ones. The new strategies for converting life insurance policy death benefits into an asset with living benefits can be used to pay for in-home care – including a homecare system or homecare software such as ClearCare Online.

"This is a promising financial option that can almost immediately offer relief for seniors and their family members who are struggling with the challenge of being able to afford the cost of private duty caregivers," explains Mark.

Working with a home care agency that offers a robust homecare system and homecare software like ClearCare Online benefits seniors and their families in numerous ways. A sophisticated telephony system requires caregivers to clock in using the senior’s home telephone. Families can verify that the caregiver has arrived as scheduled by logging into ClearCare Online’s homecare system on their computer or mobile device. Caregivers use their homecare software to confirm all important daily tasks have been completed – which then updates family members in real-time.

As more insurance options become available for seniors receiving in-home care, a growing number of seniors and their families will enjoy the benefits of ClearCare Online’s homecare system and homecare software. What other changes or modifications would you like to see insurance companies make? Drop us a note and join in on the discussion!

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