Is long-term care insurance worth it? Long-term care insurance is a critical yet often overlooked part of an Estate Plan. With 40% of those currently receiving long-term care nationally being adults 18 to 64 years old and an estimated 70% of Americans expected to need long-term care at some point in their lives, how confident are you that you have prepared enough for this possibility? Read on to find out how Elder Law attorneys can help.
While many people may recognize long-term care costs as a significant risk to their standard of living, many still don’t have a plan to minimize that risk. A good majority of people think that only the elderly need long-term care. But the reality is that accidents and illnesses can happen to anyone at any time, and they often occur without warning.
Common reasons why long-term care insurance gets ignored:
- I’m too young to think about long-term care
- I already have medical insurance
- I don’t want the added expense of long-term care insurance
- I have enough money set aside for nursing home or other long-term care needs
The Importance of Long-Term Care Insurance
Even with savings and other finances set aside for retirement, these can be greatly impacted when we start experiencing difficulty doing many of our day-to-day activities and when medical expenses begin to add up. Relying on our children or other family members for our long-term care may be putting an unfair burden on their shoulders. Whether providing physical or financial assistance, are our loved ones prepared to cope with these responsibilities, especially if they have their own families to raise?
Here is something you need to know: Most private medical insurance as well as Medicare do not cover most long-term care services. This is something that you definitely have to double-check with your healthcare insurance provider.
Long-term care insurance comes into play when an individual has lost the ability to take care of two or more of the activities of daily living, among these are:
There are also other impairments which can trigger the need for long-term care even if the person involved is still able to function in all of the ways listed above. For example, a person with Alzheimer’s may still require long-term care even if he or she is able to perform all of the six daily activities.
In many cases, long-term care takes place in a nursing home or assisted living facility – and it’s important to know where the money will come from to pay for those expenses.
Long-term care insurance can be beneficial for:
- Nursing home expenses
- In-home care
- Helping with the costs of adult daycare or assisted living facilities
- Health care and rehab costs that are recommended by a physician
- Physical or speech therapy
- Professional care by a registered nurse
Of course, that’s not to say everyone needs long-term care insurance. An Elder Law attorney, along with a financial advisor, can help you assess your risk and determine the right course of action. Having had a grandmother who required long-term care, I have gained both personal and professional knowledge and experience on the importance of long-term care insurance. In over 10 years of experience practicing Elder Law in Euless, TX, I’ve also built up a network of reputable financial advisors in the area.
The Roles Of An Elder Law Attorney
Working with an Elder Law Attorney is an excellent way to prepare for the future and to protect assets you want to pass on to your loved ones after you’re gone. An Elder Law attorney will work with you to help you think about and answer the most important questions in purchasing a long-term care insurance product.
An attorney who focuses on Estate Planning and Elder Law will be able to:
- Offer you valuable advice on setting up a Will or Trust
- Create other important documents like Medical Directives and Powers of Attorney
- Discuss the risks of not having long-term care insurance
How The Law Office of Antoinette Bone Can Help
In my practice, I find that most people don’t realize how incredibly expensive long-term care can be. In the Dallas-Fort Worth Metroplex, the average monthly cost of an assisted living facility ranges from about $4700 to $6400.
A significant number of people simply cannot afford to pay out that kind of money month to month for an extended period of time. They will run out of money. That is why planning for long-term care is critical.
As an Elder Law attorney, I can guide you as you determine where in the community you might be most interested in receiving care and help base estimated coverage needs on that and other criteria.
If you need assistance with Estate Planning, Probate, Guardianship, Medicaid, or Veterans benefits, in the Hurst-Euless-Bedford, Dallas, Fort Worth, Arlington, and other nearby surrounding areas, please contact me.
Schedule an appointment today!
- Online scheduling: https://abonelawscheduling.as.me/
- Call: (817) 462-5454
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