We just love esoteric holidays like Insurance Awareness Day. They’re excellent opportunities to talk about topics which often get ignored. And how many of us like to talk about insurance?
Hanging out with your insurance agent may not be your idea of a good time, but it’s important to review your insurance every year to make sure you’re covered for everything you need. As circumstances change, so do your insurance needs, so you may have to update or change your insurance policies.
You’ll want to look at your car insurance, home insurance and supplemental insurance. And you will want to pay special attention to your health insurance. As providers of home care, we know that many of our clients aren’t aware of what their health insurance covers. We are constantly being asked whether home care is covered by insurance. (The answer to that question is: sometimes. For more information, read Does Insurance Pay for Home Care?)
If you have elderly parents who are being cared for at home, you know how crucial it is to be covered for home care long before you actually need it. Home care usually needs to be arranged in a hurry, so it’s best to have the finances already figured out. And, of course, having the right insurance saves a lot of money for the entire family. It will make the choice between a nursing facility and home care a much easier one.
Here are some questions you will want to ask your insurance agent:
- What is the maximum payout of the policy? It shouldn’t be so high that you are paying for a service you will never use, but shouldn’t be too low that you outlive it.
- What types of care are included?
- Will you have to take certain tests to be approved for home care?
- Does the policy expire at a certain age or after a certain amount of years?
- What is the elimination period and is it less expensive to cancel it entirely?
One of the ironies of insurance is that we pay a lot of money for something we hope we never have to use. We at Towne Home Care wish you a long and healthy life and hope you never need this insurance!