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One of the most commonly overlooked areas in estate planning is deciding whether you should purchase long-term care insurance.
Four Reasons Why Long-Term Care Insurance Gets Forgotten
Long-term care insurance is the only way to prepare for the future and protect assets that you might want to pass on to your relatives or loved ones.
It can also protect you from being a burden on your family!
Did you know that over 60% of people over the age of 65 need some kind of long-term care in their life? Medicare simply doesn’t cover many of the long-term care services that are required. It’s important that you assess your risks and determine whether long-term care insurance is right for you. But, in the meantime, let’s think about the reasons why long-term care insurance gets forgotten:
- I’m too young to think about long-term care;
- I already have medical insurance which should be good enough, isn’t it?
- I don’t want the added expense of long-term care insurance; and
- I have enough money set aside for a nursing home or other long-term care service.
What Long-Term Care Insurance Does
Long-term care insurance can help with the cost of adult care or assisted living facilities or interim care when an individual has lost the ability to do two or more of their daily activities. These activities include:
- Bathing;
- Dressing;
- Eating;
- Toileting;
- Continence; and
- Transferring.
There are medical conditions that can trigger the need for long-term care, even if an individual is still able to take care of their daily activities. A person with Alzheimer’s, for example, may need long-term care, even if they’re able to perform their daily activities. It is their mental incapacity that requires long-term care.
What You Should Do
Talk to long-term care attorney Nancy Cavey who will answer your questions about purchasing long-term care insurance, how to prepare a winning claim, and what to do if your claim for long term care is denied. Call her today at 727-477-3263.