Long-Term Care Insurance - LTC Insurance Policies Are Enhanced With Care Coordination Benefit
All other aspects being equal, Long-term care insurance policies that offer a Care Coordination benefit are superior to policies that do not. Be sure to confirm that any policy you consider includes the Care Coordination benefit.
Care Coordination is a value-added benefit that provides assistance to family members at the critical time of the need for care. It is defined as a service that helps manage the coordination of a person's care among all the parties involved. These parties may include the people currently in the policyholder's circle of support: a spouse, children, and other close relatives, neighbors, and friends. It may also include paid caregivers, facilities, health care practitioners, and social workers. Care Coordinators are health care practitioners who are able to assess the individual needs of a person in need of care, identify the type(s) of care needed, and assist the family in obtaining the care they need.
One of the major benefits of using a Care Coordinator is to benefit from their experience in the practical aspects of long-term care. For example, the Care Coordinator is familiar with long-term care providers in the area, so their service may reduce the time it takes to screen and select qualified providers. This allows family members to provide emotional support to the person in need of care, instead of spending their time researching and interviewing potential providers.
The Care Coordination benefit may also result in better utilization of the benefits of an LTC insurance policy. The benefits of the LTC insurance policy may actually be extended or used more efficiently with a plan that coordinates informal and formal care. In addition, the Care Coordination benefit can be accessed during the elimination period. The Care Coordinator often works with the insured or family members during the elimination period to find options that are less costly.
Care Coordination should NOT be confused with "managed care". Care Coordinators are not "gatekeepers" to services and/or providers.