Does long-term care insurance pay family caregivers?

At some point in your life, there's a strong chance that you'll need assistance with your daily activities. However, you're not a fan of the nursing home idea and you know members of your family are going to help with your care. So, you've thought about long-term care insurance, but aren't sure it fits well with your goals. 

After all, you won't need a nursing home, right?

The truth is that even family members should be compensated for providing round-the-clock care. Without compensation, they may also have to work regular jobs, leading to significant strain. But in many cases, long-term care insurance can help. 

Solidify your age-at-home plans with a long-term care policy today. 

Does long-term care insurance pay family caregivers?

So, will long-term care insurance pay a family member to provide your care? 

"It actually depends on the policy," says Chuck Czajka, certified estate planner and founder of Macro Money Concepts in Stuart, Florida. "Some do cover family caregivers, but they might have certain restrictions. Each policy varies, so it's critical to do your research before purchasing." 

It's also important to understand the difference between formal and informal caregivers as you compare your long-term care insurance options. 

• Formal caregivers: Formal caregivers are third-party professionals who expect payment in exchange for their services. 
• 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. So, look for these terms as you compare your options. 

Get long-term care insurance to ensure your family caretakers get the compensation they deserve. 

Other long-term care insurance daily care benefits

Long-term care insurance may do more than simply pay your family members to provide care. Depending on the policy, you may enjoy other benefits that help you in your effort to age at home, including:

Adult daycare services

In some cases, the family member who cares for you will have to work to produce an income. Unfortunately, your needs may not allow for them to take eight hours away. 

Luckily, there are adult daycare services across the country that can help bridge the gap, giving your loved ones the ability to maintain their careers. In many cases, long-term care insurance can help cover the cost associated with daily professional care. 

Home modifications and equipment

Many chronic conditions come with mobility and other challenges that could make it more difficult to age in place without the right equipment. For example, you may not be able to walk up the stairs in your home anymore and need a device to help you traverse the levels of your home. Long-term care insurance may help cover this cost. 

A policy may even cover modifications to make your home more accessible. 

For example, say you have stairs that lead to your front door and a ramp would be more accommodating based on your physical condition. Your insurance provider may pay to have the ramp installed. 

Transportation services

You'll need to go to the doctor's office and make other trips from time to time, even if you decide to age at home with familial assistance. If you have a condition that impacts your ability to drive, this may be a challenge. And, transportation services can get expensive. You could easily spend hundreds of dollars a month for a few trips to the doctor's office or the store. 

If you have a quality long-term care insurance policy, it may cover this expense. So, you'll be able to get where you need to go without having to worry about the bill. 

Make sure your long-term costs are covered with a long-term care policy today. 

The bottom line

Most seniors should have long-term care insurance, even if the plan is to age at home with a loved one caring for you every step of the way. Some policies will compensate your family members for providing you with the care you need — relieving the financial strain that can come with doing so. 

In addition, many quality long-term care policies will cover other expenses that typically make it difficult for you to age in place. Find out about your coverage options today to help solidify your plans to age at home with your family's care.