Twenty-five years ago, long-term care insurance policies were overpriced and provided poor coverage with many exclusions. Then the pendulum swung the other way. Plans became better and more appropriately priced. Unfortunately, as pendulums go, recent years have seen consistent price increases in long-term care insurance as health care costs have also increased. The current situation is that these plans are great for some and not so good for others. A good professional can help you decide where you fit in.
The most common complaint about long-term care insurance is, “ If I never use it, I will have wasted my money.” But if you think about it, isn’t that what happens with auto insurance? We all have auto insurance and it makes sense to keep it. Long-term care insurance is not much different. It is a method by which many people can pool their risk and resources to make sure everyone gets the care they need. Usually, if you are the policy holder who requires a significant period of long-term care, you will use far more than you ever put into the pot.
A long-term care policy is a beacon of hope for individuals and families facing a long-term care crisis. One of the biggest benefits of long-term care insurance is that it pays for the whole continuum of care. You can get help at home, in an adult living community, in an assisted living facility, and in a nursing home. These diverse options allow you to live in the least restrictive environment and enjoy the highest quality of life possible. Having these options will also take a huge burden off of your loved ones who are helping you through.
At The ElderCare Law Firm Inc., we can help you see what a long-term care policy would look like for you, and also help you compare it to the other options available to you so you can select the plan that makes the most sense for you. When dealing with these complex legal issues, you want an attorney who truly understands seniors and planning for the future. The ElderCare Law Firm Inc. has the experience to help you—contact us today.