Long-term care insurance is a topic that most people prefer not to think about. And who can blame them? The prospect of needing long-term care is not a pleasant idea. Often when people consider this type of insurance, in my experience, they either assume they can’t afford it or hope they don’t need it. Only a very small percentage of people have purchased an insurance policy. While it’s true that many people shouldn’t buy long-term care insurance, it’s risky at least not to make an informed decision. When determining whether to buy this insurance, here are several things to consider:
1. What does it cover?
If you are unable to care for yourself due to a prolonged illness or disability, long-term care insurance may cover the type of services you need, such as home care, respite or adult day care, or nursing home care. elderly or in an assisted living facility. .
2. Will my Medicare or Medicaid benefits not be enough?
Medicare will only provide coverage for skilled nursing home care for a maximum period of 100 days. Medicaid, on the other hand, has very strict rules that require applicants to have minimal assets before qualifying. With the average nursing home cost exceeding $ 7,000 per month (or $ 84,000 per year), a short stay in a nursing home can wipe out a lifetime of savings.
3. Isn’t it expensive?
Depending on your age, health, and the specific type of long-term care coverage you choose, it can be expensive, and premiums can increase even after the policy is purchased. Many people simply cannot afford the cost of this insurance.
4. Would it be better to insure myself?
For those with higher incomes and savings, it may be wise to develop your own financial plan to pay for your long-term care needs with your own assets.
5. What should I do?
Each person’s situation is unique and what may be advisable for one person is not necessarily a good idea for another. The worst thing you can do is nothing. It is highly recommended that you consult with an expert and discover your options so that you can make an informed decision about what is best for you.
Conclusion:
Long-term care insurance can mean the difference between living your life the way you want to or receiving welfare or becoming a burden on your family. It is important to find out which plan is best for you by consulting an experienced elder law attorney.