Long-term care and long-term care insurance can both be costly.
As you age, you will begin to develop more health issues.
This is a fact of getting older.
According to a recent The Chicago Tribune article titled “Thinking of buying long-term care insurance? Consider these costs,” the medical costs will grow as your health declines.
The cost of a private nursing home room is even more, with the annual median being $91,000.
Long-term care insurance can be a helpful tool.
But such insurance policies can be costly themselves.
An experienced estate planning attorney would be able to help you determine the best options for your situation.
If you are younger and healthier, the premium payments will be less.
What if you can no longer make payments as you age?
Some policies may provide protections for policy holders who find themselves in this situation through optional non-forfeiture riders.
Besides the cost, there is another hurdle in getting long-term care insurance.
What is it?
You must qualify.
This means you will need medical underwriting.
If you have a preexisting condition, your costs will be greater.
Some conditions may actually disqualify you from any coverage—including dementia, Alzheimer’s or Parkinson’s disease.
How long does coverage from a policy last?
This depends on the policy purchased.
Typical time is three or four years.
Coverage will usually begin when you need help with two or more daily activities.
Whether long-term care insurance is feasible for you, you should beginning planning now for your health care costs as you age.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Chicago Tribune (November 6, 2017) “Thinking of buying long-term care insurance? Consider these costs”