Until a few years ago, the primary method of planning for future care needs – if an older adult wanted to retire and stay at home – involved purchasing a long-term care insurance policy, or waiting until a health need arose and relying on family to step in.
For older adults interested in moving to a retirement community, this was the only way to combine financing with access to care services all in one package. However, for the 87 percent of adults age 65 and older who prefer to stay in their own homes as they age (referred to as “aging in place”), there has not been a comprehensive alternative, until the emergence of the Life Plan At Home model.
Home and Community-based programs known as “Life Plan At Home,” or “Continuing Care at Home,” are a newer option gaining traction. The programs are typically affiliated with a local, not-for-profit senior living community or health system that is looking to offer a comprehensive home-based option for retirement.
How Do Life Plan At Home Programs Work
Life Plan At Home programs offer the same kinds of services provided to senior living community residents along with the financial protection that is a part of a long-term care insurance policy, but to older adults that live in their homes.
Each program member pays a one-time membership fee and a monthly fee covering a service package. The package provides a range of wellness services when members are independent. If a change in health or function ability occurs, the plan provides direct care services. Members are entitled to lifetime services, without a maximum upper limit. Most programs do outline a daily coverage cap, however.
How Life Plan At Home Programs Differ from Long-Term Care Insurance
Life Plan At Home programs are focused on building a relationship with their members over time with the local, professional care manager role, typically an MSW or RN.
The programs also provide and cover the cost of a range of services that benefit their members through all phases of life from wellness to managing a chronic disability.
In contrast, long-term care insurance is primarily focused on providing a financial pay-out when its policy-holders prove that they are chronically disabled. Typically, policyholders must pay privately for care through an “elimination period” before receiving the pay-out.
Life Plan At Home programs generally offer lifetime contracts for care. Long-term care insurance policies may dictate a maximum benefit limit, either over a period of years or at a particular dollar amount.
For those that have long-term care insurance policies or would like to have an alternative to a policy, the Life Plan at Home is equally a strong option. There’s little question that it is critical to plan for care: According to the U.S. Department of Health and Human Services, more than two thirds of individuals over the age of 65 will need some type of long-term care.
Membership in a Life Plan At Home program does involve a financial investment, but the long-term pay off means its members have the opportunity to age in place. Members can reduce the burden on family and friends.
Download the complete guide on Life Plan At Home programs to learn about benefits, services provided, and more!