What Do I Need to Know About Long-Term Care Insurance?
Long-term care insurance covers expensive nursing care needs. However, is it a good investment? Here’s what experts say about what you should take into account.
Long-term care insurance covers nursing homes, assisted living and home health care expenses. A long-term care insurance policy helps cover the expense of that care when you have a chronic medical condition, a disability, or a disorder, such as Alzheimer’s disease.
Most policies will reimburse you for care given in a variety of places, such as:
- Your home
- A nursing home
- An assisted living facility
- An adult day care center
According to Jesse Slome, director of the American Association for Long Term Care Insurance, “If you live a long life, the chances of needing long-term care are high, but long-term care insurance is not an option for everybody. You need to start thinking about it generally before you turn 65.”
You should consider any assets you want to pass onto your children and whether it is worth paying the premiums. Planning ahead is recommended. It is best to be prepared for what can happen. You cannot always predict what will happen.
There are also medical requirements for some plans, and you must be medically eligible. Therefore, if you have serious illnesses or the beginnings of dementia, you will not be able to obtain LTC insurance.
Experts also say that your income and savings, what you want to pass on to the next generation and what role your family will play in your care are all factors to consider when taking out a policy.
Long-term care insurance policies are complex, and they vary significantly. It really requires you, the consumer, to do some comparison shopping or ideally work with a specialist who understands and can do the comparisons for you.
Selecting long-term care insurance is a lifestyle and financial decision.
Talk to an experienced estate planning attorney if you have questions. If you or a loved one needs assistance with elder law or estate planning issues, do not hesitate to contact The Stegall Law Firm. We are here to help.
