Which Long-Term Care Plan is Best for You?

70 percent of people over the age of 65 can expect to use some form of long-term care during their lives, according to LongTermCare.acl.gov. So, how do you know what type of long-term care plan is the best for you? Here we look at and compare some of the most common long-term care options.

Long-Term Care Insurance

Long-term care insurance is often chosen as a plan for future support should the need for care arise. While financial coverage is provided, the insured do not receive the same hands-on level of support given by a Care Coordination team.

Some policy holders may have access to an 800 number. Others may be left on their own to do things like research, coordinate, and oversee all of the care that they need. This can be a tremendous undertaking that usually comes with time pressure and emotional burden, especially when you are also challenged with a health concern.

With long-term care insurance, you are required to get written certification from your doctor stating that your health concern is expected to last 90 days or more. With Woodhaven at Home membership, you can begin care when you need it.

Continuing Care Retirement Community (CCRC) or Life Plan Community

Others choose to move to a continuing care retirement community (CCRC)*, or life plan community, when ready to enjoy their retirement years. Many enjoy this popular option because residents live in and move between different levels of care-related housing options within one community. There are social activities, dining options, and more.

However, these benefits do have a cost associated with them, and usually require a large up-front payment, plus monthly fees. Additionally, you will move from your current home into a housing option that has the potential to change based on your state of health.

*Even if a community is the right place for you to call home, you may benefit from being a member of Woodhaven at Home so you can take advantage of our care coordination and financial benefits.

Hybrid Policy for Long-Term Care

A newer approach to long-term care planning involves a hybrid plan, which usually combines personal long-term care funds with a life insurance policy or an annuity. This asset-based strategy can be done in a number of ways and is popular due to the flexibility of configuring a personalized approach.

Even with a hybrid plan of insurance and investments, you will not receive a guide or coordinator who will be there to manage your needs in a time of crisis or when you are most in need. While financially sound, there is minimal, if any, support given from a team of credentialed staff who know you before you need care.

Woodhaven at Home Membership

For those who want to stay at home as long as possible, Woodhaven at Home provides non-medical home care and concierge services if and when care is needed so that you may age in place. Plans are flexible and based on your choice in daily benefits and benefit periods.

Memberships include options for:

  • Cost-of-living adjustments
  • Discounts for household memberships
  • Preferred health status

Unlike any other plan listed above, Woodhaven at Home provides a valuable benefit to your plan: care coordination. A credentialed, dedicated Care Coordinator is assigned to you on day one of your membership. Should the time for in-home care come, your trusted advocate is right by your side, ready to put your plan into action and monitor it to ensure you are receiving the highest quality care wherever you call home.

Learn more about Care Coordination.
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