Evaluating Long-Term Care Insurance

We feel strongly that anyone who is healthy enough and can afford to pay for long-term care insurance should do so when planning for the financial risks associated with long-term care. One of the most important benefits of good long-term care insurance is that it will provide for care in the home.  We haven't yet met a single person who would prefer nursing home care to care provided in their own home. Without long-term care insurance, the only way to provide in-home care is through your own personal resources. Although Medicaid has a provision for home care, rarely is it an actual option.

Long-term care insurance is the least expensive when you are healthy and young. These policies are offered by many insurance companies, and each policy is different. It is very difficult for an untrained individual to understand the complexities presented by long-term care policies. It is much easier for us to discern the differences and alert you when the policy does not provide you with the benefits that you expect.

At Platt Law, we have the experience to help you evaluate new or existing long-term care insurance policies to determine whether they will in fact meet your goals with regard to your long-term care plan.  Some of the provisions to consider when selecting a policy include:

• Does the policy provide a benefit that protects against inflation?
• What is the applicable elimination period in the policy and will you have sufficient resources to pay for care during that time?
• Is there home health care coverage and what types of expenses does it cover?
• Does the policy provide for a premium waiver during the benefit period?

There are a host of other provisions that should be evaluated when considering the purchase or renewal of a long-term care insurance policy.  Considering the substantial investment that this type of insurance can be, you should be certain that the policy will adequately meet your needs.

Contact us if you would like to schedule a consultation with our firm.