Long-Term Care - What About Private Long-Term Care Insurance?

attorney estate planning long-term care medicaid medicare michigan nursing home planning Dec 07, 2016

Today we'll be taking a brief look at some aspects of long-term care. For more detailed information, it’s best to consult with a qualified legal advisor. So think of this as an introduction.

There are many complexities to long-term care planning, it’s important to understand that there are options, and programs intended to help families like yours. Long-term care planning is the best way to ensure you protect as much of your hard-earned assets as the law allows, and to receive the care you need.

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What About Private Long-Term Care Insurance?

Most Americans will not be able to self-insure for Long-Term Care.  Therefore, based upon the current condition of health care, long-term care and Medicaid, if you are insurable and long-term care insurance premiums are affordable, such a policy should be integrated into your estate plan to provide protection without the need for transferring assets. 

Long-term care (LTC) insurance has been around since before 1974, but in 1997 it gained widespread notoriety through federal legislation. 

Benefits to look for in an LTC insurance policy include: nursing home and home care coverage; sufficient daily payouts ($200.00/day is a good start); elimination periods (the number of days you must be in the Nursing Home before benefits begin, typically 0 to 100 days); duration of benefits (3 years, 5 years, a lifetime); renewability (make sure it is guaranteed renewable); waiver of premiums (allows you to stop paying premiums during the time you are receiving benefits); inflation protection; etc.  As with life insurance, the older an applicant is the harder it is to obtain a policy, and the more expensive LTC coverage becomes. More importantly, you must be insurable.

Previous: What About Paying Your Own Long-Term Care Expenses?



Planning Ahead Can Make a Serious Difference in the Quality of Life You or Your Spouse May Have. Know Your Options.

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The information in this blog is not intended to be, nor should it be, construed as legal advice. It is for informational purposes only. For advice, specific to your situation, consult with a qualified attorney.