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Determine your need to buy a long-term care insurance policy

Frank Darras Founding Partner and Disability Lawyer DarrasLaw, America’s Top Disability Firm

With people living longer lives, the need for long-term care has been steadily increasing. There are so many ups and downs, that most consumers are confused and don’t know where to start looking. The best bet is to determine your need for long-term care insurance by evaluating several key factors in your life. Get in touch with a knowledgeable long-term care expert to guide you through the process.


Do buy a policy if you want to pass any assets on to someone

If you have a moderate amount of assets, you will definitely want to think about purchasing a long-term care insurance policy so you can preserve those assets to pass on to your children or another person or organization of your choosing. If you buy the right policy, you should be in a good place regarding both your assets and your benefits.

Do give LTC insurance a try if you don’t want to deplete your assets

There are many reasons to give LTC insurance a try. You may not want to overburden or be subjected to the Medicaid program since it’s going through some big challenges in the current economy. LTC premium payments now, pay for care down the road while allowing you to keep your nest egg. A sound policy will cover assistance at home or in a facility, and will prevent leaving a spouse or adult children in the poor house. Having a great policy in place, from a financially strong insurance carrier will provide a soft cushion for transitioning into those senior years.

Do go with LTC insurance if you want a choice for your nursing care

One of the benefits of having your own long-term care insurance policy is you get to choose where you want care whereas Medicaid decides for you. By looking at the average cost of a room at an assisted living facility or nursing home, and the cost of at home care, you can base your monthly benefits on that price.

Do weigh the pros and cons of the cost versus your savings and income

Take a good, hard look at your assets before you make a big decision like purchasing a long-term care insurance policy. Review what you are currently earning with what you have in your savings to decide if a LTC policy is feasible for you. An expert in long-term care can help you decide if there is a policy out there that can work for you.

Do take into account all your risks

Factor in how expensive long-term care insurance is and what your risk might be for needing it when you get older. Based on your family’s history and your current medical condition, it may be in your best interest to save extra money each year for long-term care instead of buying a LTC policy. There are so many ways to view long-term care that talking with a trusted advisor or top insurance lawyer can help you decide whether or not you are a candidate for a long-term care insurance policy.


Do not buy a policy if you already have considerable assets

If you are in a place where you earn enough to more than cover any long-term care costs regardless of inflation, you may not need long-term care insurance. The benefits of a LTC policy are meant to cover the extravagant costs of long-term care, but when you already have the finances to cover elderly care, you can probably safely say you don’t need a long-term care insurance policy. It is still a good idea to get an experienced opinion from a financial or insurance advisor.

Do not consider a policy if your income is low enough to qualify for Medicaid

When you’re not making enough to pay the premiums for a life insurance policy or even a disability insurance policy, perhaps you should consider Medicaid for your long-term care. You don’t want to risk reducing all your finances while you still need them to pay monthly bills and other living expenses.

Do not purchase a LTC insurance policy if you’re okay with depleting your assets

If you don’t have any heirs or anyone you want to pass your estate to it may just be in your best interest to spend down whatever money you have on your own care. Once your money is depleted, Medicaid will take over the rest of your nursing care.

Do not rule out the role your family plays with your long-term care

LTC allows your family more room to help you get the care you need. Otherwise you’re left waiting for Medicaid to pick up the bills, which could take time you don’t have. Talk with your family members about the thoughts behind your decisions when it comes to your long-term care. They may have some helpful insights and ideas to contribute.

Do not forget to talk with an experienced insurance advisor or a top insurance attorney

The one with the most advice and expertise on long-term care insurance will be someone with many years of experience in the long-term care industry. Do your research well to find an expert you can trust with your future. The best and most capable insurance lawyers are willing to help you find the best future when it comes to your long-term care.

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Not everyone needs a long-term care insurance policy but it always pays to be well informed. Get in touch with your insurance agent or a trusted expert to talk to you about your current insurance needs. Purchasing a policy now can save you and your family money while also giving you peace of mind for your future.

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Frank DarrasFounding Partner and Disability Lawyer

Frank N. Darras made a decision nearly a quarter century ago that would affect tens of thousands of Americans. Darras took the road less traveled to help the sick, disabled, and elderly mount a heroic fight against billion-dollar insurance compa...

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