Long-Term Care Policies and Home Modification Funding
One of the most frequent questions that we are asked regards how to pay for home modifications. We have covered several options that are available in previous blogs, but one of the more overlooked options is the Long-Term Care Policy.
Long-Term Care policies are often erroneously referred to as ‘Nursing Home Insurance’ and though they will often cover nursing home residency, they have many other benefits that include home modifications to facilitate aging in place. People who have a policy may not realize that these types of modifications are included in their coverage. Oftentimes, even the financial advisor who sold the policy is not aware that the long-term care policy will cover home modifications. We always encourage families to inquire with their financial advisors and/or insurance agents in order to discuss benefits specific to individual policies.
Long-Term Care Policies will generally reimburse up to $7,000 for home modification services while the policyholder is in a ‘capture period.’ Chances are, if they are calling us, they are in a ‘capture period’ due to a fall, injury, or illness leading to a set-back.
The long-term care insurance company would MUCH RATHER pay for services & equipment provided by a company like Oakley Home Access in order to keep the policy holder SAFE AT HOME versus pay a nursing home approximately $150,000.00 per year if the individual needed to become a permanent resident (which the insurance company would be responsible for in most cases!)
The procedure is generally that the policyholder pays for home modifications via private pay. They submit the invoice marked paid to the insurance company. Once reviewed, the insurance company reimburses the policy holder. The insurance may follow up regarding the submitted invoice, however, the most inquiring the insurance company ever does is call us at Oakley Home Access to confirm TWO things: Are we a family member? (“NO”) and Did the policy holder pay us in full? (“YES”). After that the insurance company representative wishes us a good day and gladly cuts the policyholder a check.
If you have a Long-Term Care policy and find that you need home modifications because of an injury or illness, call us here at Oakley Home Access 401-429-3882 and we can schedule a free home safety assessment and help you decide which home modifications are right for your situation.