As president of YAM Management, a company that manages many nursing homes in Illinois, Yosef Meystel understands the financial strain families face when choosing long-term care for loved ones. Before searching for nursing homes like those operated by Yosef Meystel and his associates, families benefit from having long-term care insurance policies.
Insurance plans like Medicare rarely cover more than the cost of medications or physical therapy. That leaves the cost of the room, meals, activities, and custodial care to the resident. The expense of a nursing home comes to thousands of dollars per month, so it becomes a struggle for resident to afford this level of care. This is where long-term care insurance offers three key benefits.
1. Long-term care insurance, according to the U.S. Department of Health and Human Services, cost approximately $2,200 per year as of a few years ago. This yearly cost is less than a month of nursing home care.
2. Most long-term care insurance plans include inflation protection. If prices go up, you do not lose coverage.
3. Long-term care insurance covers a wide range of assisted or special care needs. It covers in-home nursing, adult day care, hospice, and Alzheimer’s care.