Estate Planning Business Succession
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.
Most policies will reimburse you for care given in a variety of places, such as:
“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,” said Jesse Slome, the director of the American Association for Long Term Care Insurance.
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 long-term care 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.
Reference: WCAX 3 (April 11, 2022) “What to consider before you invest in long-term care insurance”
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