At Geyer Law, we are definitely noticing increased interest in long term care insurance, particularly in insurance that covers at-home care in addition to facility care. And, while our elder law practice has always focused on assessing clients’ financial resources and establishing a plan for lifelong care that does not deplete hard-earned assets, that task has become more complex in recent months due to pandemic concerns.
“In these challenging times, it’s vital to safeguard your family from the unexpected. Long Term Care Insurance can be an important part of that strategy.” How? LongTermCare Insurance Quotes lists 4 ways:
- maintaining independence
- protecting assets from expensive costs
- protecting children’s inheritance
- avoiding nursing homes in favor of remaining in one’s own home
The word “comprehensive” is important when it comes to Long Term Care insurance. Most policies today are comprehensive, explains the U.S. Dept. of Health and Human Services, meaning the daily benefit may be used in a variety of settings, including:
- patient’s own home (including skilled nursing care, occupation speech therapy, physical rehab, and help with bathing and dressing)
- an adult day service center
- respite care
- assisted living facility
- Alzheimer’s special care facility
- nursing home
Long term care insurance policies come in two basic varieties: stand-alone (traditional) and hybrid. Stand-alone policies are designed to reimburse the costs of care up to policy limits. Hybrid policies combine either a life insurance policy or an annuity with Long Term Care. If long term care is not needed, the asset is used for it death benefit or investment benefit purposes.
People buy long-term care insurance for two reasons, observes Barbara Marquand in nerdwallet.com:
- to protect savings
- to give you more choices for care
At Geyer Law, we agree. In fact, we find, estate planning and elder law are all about preserving choices and protecting assets!
– by Cara M. Chittenden, Associate Attorney with Rebecca W. Geyer & Associates