I'm sure you've heard of long term care, but what exactly are its benefits? Long-term care insurance covers nursing homes, assisted living and home health care expenses, explains WCAX 3’s recent article entitled “What to consider before you invest in long-term care insurance.”
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. Due to the nature of these policies, they may include 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 long-term care insurance.
Most policies will reimburse you for care given in a variety of places, such as:
Jesse Slome, the director of the American Association for Long Term Care Insurance said "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. 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.
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. Speaking with an experienced estate planning attorney, such as Thomas A. Vick, can help to inform and guide you about this type of insurance. Contact Vick Law, P.C. today to discuss how or if long-term care insurance may benefit your estate plan.
Reference: WCAX 3 (April 11, 2022) “What to consider before you invest in long-term care insurance”