Most people know long-term care insurance is beneficial and provides a much-needed safety net for many people, but the question remains: “Is it for me?” Our experienced elder law attorneys are here to help you decide if long-term care insurance is a good fit for you and your family, then help you take the best steps forward.
Long-term care refers to nursing homes, assisted living centers, home health care, and private in-home medical care options. In many cases, proper long-term elder care requires a combination of hired caregiving and assisted living, which can become overwhelmingly costly in rather short order, especially for families of people who cannot afford their own long-term care. For people who have not built up significant savings or purchased a long-term care policy, resources to pay for long-term care are quickly depleted, often to the detriment of their personal financial state and that of their families and loved ones, who are left to foot the bill in the long run.
A potential need for future long-term care insurance, however, does not necessitate a long-term care policy. In other words, just because you fear you may one day have to pay for assisted living or absorb other long-term care costs does not necessarily mean you should rush out and purchase a policy, which will inevitably come with large monthly premiums. Genetics and family history should also be considered when determining the likelihood of one day being required to pay for a private caregiver, nursing home, etc. out of pocket.
Only people with substantial wealth (who can afford the hefty payments and have significant assets to protect)should consider getting a long-term care insurance policy. If this sounds like you, it may be wise to explore your long-term policy options. Policies will vary widely in terms of cost, benefits, and requirements. There may also be some government options available, depending on your anticipated needs and financial status.
Lacking wealth and not having a long-term care insurance policy does not, however, mean you will be left unable to pay for your long term care costs. We can help you plan for and design a custom plan that will ensure you, or your loved ones, long-term care needs will be met and taken care of. Quite often, we can help you accomplish these goals while retaining assets to leave to your heirs.