When you are planning retirement coverage and long-term care coverage options, you usually think about yourself and your spouse and rarely about your parents. However, in some cases, building a long-term care coverage plan for parents is a necessity. When you are faced with this particular issue, there may be some questions that you have on how to build the coverage plan and what your parents may need. The following are a few items to take into consideration and to help you get started on creating the long-term care coverage that you need.
Coverage They Already Have
You will need to find out what coverage your parents already have. They may have major medical insurance, health insurance plans, or health savings plans. If they have none of these, check to see if they are eligible for Medicare. If they are not eligible for Medicare due to their age, they may be eligible for Medicaid. You need to make sure that any coverage that they have regardless of if it is major medical, health savings plan, or Medicare Medicaid that is already in place when you get the long-term care coverage. This will make sure that the health insurance is primary is built first and the long-term care is billed as a secondary option.
Gaps for Illness
Depending on the illness that your parents have or an illness they may be facing, there will be certain gaps in coverage. These gaps can be with the daily cost of their illness health care plan or with other issues such as pharmaceuticals. Regardless of what the gaps are, you need to determine what the gaps may be and estimate the long-term care coverage that you receive. This may lead you to obtaining a long-term care coverage rider versus a standalone long-term care coverage plan.
Determining If You Need a Rider or Add-On Benefits
You may need to have the long-term care coverage for your parents listed as a rider. This is usually the case when a major medical plan is in place, and be witty, or a life insurance policy. If your parents are ready have major medical, they may want to combine the annuities they have, if any, with a long-term care coverage policy. This means that the annuity would pay any out-of-pocket expense long-term care coverage or pay long-term care, and the medical would cover any medical expenses they have.
There are certain extra considerations that should be taken into account. For example, if your parents are still married, then a shared benefit may be a good option. A shared benefits long-term care coverage option would cover both parents and would allow them to use each other's benefits and cover themselves in case both benefits packages are used by one or both spouses.
These are just a few the considerations to get you started on creating a long-term care coverage option an insurance package for your parents. If you have any further questions or if you need help in determining what kind of coverage packages may fit their needs, then please contact one of our professionals.