Does Long-Term Care Insurance Pay Family Caregivers?

Does Long-Term Care Insurance Pay Family Caregivers?

Does long-term care insurance pay family caregivers? Here’s what you need to know.

It actually depends on the policy. Some do cover family caregivers, but they might have certain restrictions. Each policy varies, so it’s critical to do your research before purchasing and use the free services of a Certified Long Term Care Specialist (CLTC)

What’s the difference between formal and informal caregivers?

Formal caregivers are third-party professionals who expect payment in exchange for their services. That’s were insurance comes in.

Informal caregivers: Informal caregivers are family members and friends who may or may not expect payment in return for providing your care.

Some long-term care insurance policies only cover formal caregivers while others offer payments to informal caregivers, too. Some policies pay cash to the insured person to pay people as they see fit. There are IRS considerations here to be aware of, however.

So, look for these terms as you compare your options and use the free services of a licensed Certified Long Term Care insurance broker, like me!

Schedule a call to talk to Long-Term Care Insurance expert Jim Better: www.calendly.com/jimbetter. Find more resources in our blog.