3 surprising ways long-term care insurance helps you age in place

Most people want to stay in their own homes through the later years of their lives, and you may be one of them. After all, you worked hard to pay for your home and have created irreplaceable memories in it. So, with a plan to age in place, there's not much need for long-term care insurance, right?

Not exactly. Even if you plan to live out your later years at home, there are additional costs to think about. Long-term care insurance can help you cover those additional costs. 

Compare your long-term care insurance options today. 

3 surprising ways long-term care insurance helps you age in place

"Many long-term care insurance policies only cover you if you are confined to a facility," says Chuck Czajka, certified estate planner and founder of Macro Money Concepts in Stuart, Florida. That's why he says it's "so important you review the coverage before purchasing the policy."

Still, there are policies available that make it easier for you to age in place. In fact, some expenses long-term care insurance can cover may surprise you. 

Home modifications 

"Some long-term care insurance will cover a variety of modifications to your home," says Czajka. "This could include adding accessible ramps, shower handles," and other modifications that make your home more accessible. 

Of course, you'll need to explain why you need home modifications to your insurance provider in order for them to be covered. 

For example, let's say you find it difficult to traverse the steps leading up to the front door of your home because you have a condition that causes a lack of mobility. In this case, your long-term care insurance provider may pay to have a ramp installed in front of your home that makes your front door more accessible.  

Find out how affordable long-term care insurance can be here. 

Family caregivers

If you plan on aging in place, you have a couple of options for caregivers. You can either look for care with a formal caregiver (a paid caregiver) or look to informal options, like friends or family, to provide your care. 

If you decide to go the informal route, your long-term care insurance may help. Some long-term care policies "do cover family caregivers," Czajka previously told CBS News. "Each policy varies, so it's critical to do your research before purchasing" insurance. 

Medical equipment

Medical equipment is costly but may be necessary for most people in the later stages of life. Adjustable beds, mobility scooters and more could make your life easier as you age at home. 

Unfortunately, this equipment can be costly. 

The good news is that your long-term care insurance policy may help cover the equipment you need that's not already covered by your health insurance provider. Of course, every policy is different, and some policies simply aren't designed to help you age in place. Review the long-term care insurance policy's coverage before you purchase it to ensure that you have access to the medical equipment you need. 

Compare your options before you enroll

Each policy is unique. Some offer more coverage with lower premiums than others and vice versa, but the total amount of coverage isn't the only thing that you should pay attention to. Some other factors to consider as you shop plans include:

• Care facility requirements: Some long-term care policies won't offer any coverage unless you move into a care facility like an assisted living facility. If you plan on aging in place, be sure your policy will cover you at home too. 
• Formal and informal caregivers: Aging in place means your caregiver may be a family member. In the insurance industry, this is called an informal caregiver. Be sure your policy covers both formal and informal caregivers to lock in a reasonable income for your loved ones as they take care of you. 
• Other points of coverage: If you age in place, you'll likely need to make renovations to your home or have access to medical equipment at some point. Be sure these are included in your coverage. 
• Riders: Riders offer the ability to add more coverage to your policy. For example, the spousal benefits rider makes it possible to share your benefits with your spouse. Consider these riders as you compare your options. 
  
• Price: Price is always going to be a factor when you purchase insurance, whether it's long-term care or otherwise. It's important to find a balance between cost and coverage that you're comfortable with.   

Compare your long-term care insurance options here. 

The bottom line

Long-term care insurance isn't just for people who plan on spending the later stages of their lives in an assisted living facility. It can also be very helpful if you plan on aging in place. After all, even aging in place comes at a cost. Compare your options now to protect your plans, privacy and comfort later in life.