Long-term care is one of the most expensive cost people will face and a danger to the life savings of senior citizens. The fear of losing control, the loss of assets, possessions, and homes drives people to search out ways to protect themselves from the enormous costs associated with long-term care.
Many seniors turn to long-term care insurance which is supposed to cover them through expensive medical episodes and pay for life in an assisted living or nursing home. However, there is a lot that seniors need to know before buying long-term care insurance and deciding on the best plan for their individual situation. Elder law attorneys in Trumbull have laid out some of the issues seniors should be aware of when thinking about long-term care insurance.
Unfortunately, many long-term care insurance policies do not have coverage for the first 90 days that a person enters a nursing home, and the senior is expected to pay out of pocket for this period of time. The 90 day period in the nursing home can cost more than the premium for the policy did for all those years. Some policies lapse before the beneficiary ever makes it into a nursing home and if benefits are paid to the nursing home through the insurance policy, they can be less than the average cost of care. It is important to look at cost of living adjustments when purchasing a long term care policy. In some cases though, long-term care insurance may be a good decision if you look at it in terms of a safety net rather than a be-all, end-all to paying for long-term care. Most experts, including Trumbull elder law attorneys, agree that long-term care insurance is a worthwhile investment only if the premiums amount to less than 5% of your monthly income keeping in mind that your income will drop as you age while the premiums will rise. In addition, it is advised that you do not even consider long-term care insurance that does not cover assisted living facilities or home care. Once again, with all of this in mind, your individual situation is what will truly determine whether or not long-term care insurance is a sound investment for you. A Trumbull elder law attorney can meet with you to determine your situation and plan out your future needs in order to advise you better when you’re making a decision regarding long-term care insurance.
If you have any questions about long-term care insurance, or if you’d like to have your long-term care insurance policy reviewed to make sure it’s the correct one for your situation, please call our Trumbull elder law firm at (203) 877-7511 to schedule a consultation.
