In yesterdays post, I told you how having long term care insurance is one aspect of Estate Planning that is often overlooked. Today I will answe the top five questions I recieve about long term care insurance.
1. What are the odds I will need long term care? The answer is it is probably prettly likely you will need to pay for some long term care. As advances in medical technology increase the average age of the population, the numbers of individuals that that need long term care in increasing by leaps and bounds. A good number of individuals now have major surgery sometime throughout their lives and need to stay at a nursing home or need substantial help to stay at home.
2. Where can long term care services take place? A big falacy is that you must go into a nursing home to get long term care. This is not the facts. You can recieve long term care in a nursing home if you choose, but it is also available in your home or in a community living complex. There is a good deal of flexibility in where your care can take place. It is nice to know that you can be cared for in the comfort and privacy of your own home.
3. Aren't I covered by my medical insurance? As a general rule you are not. Long term care normally is not classified as medical treatment. Insurance companies usually do not cover the type of care that is needed. Hospice might be covered by your medical insurer but general long term care is not.
4. Can't I spend my savings on my care? Of course you can. There is no reason you shouldn't spend all of the money you saved your entire life on caring for yourself. In fact, I would encourage paying your own way and not being a burden on the Government. My suggestion is to purchase the proper insurance to achieve the same results, but still retain your assets. That way you can leave them to your children or favorite chairity. Or if nothing else, you can spend it on your hobby of collecting rare baseball cards.
5. So how does long term care insurance work again? There is a major difference between these two concepts, Medical Care and Activities of Daily Living (ALD). Long term care helps you pay for the ALD's you need when you are sick and recovering. You will need someone to help you get dressed in the morning, make breakfast, clean up after yourself, etc. These are not considered medical treatments but still are necessary to maintin a basic standard of living. Medical care pays for drugs and shots. Long terms care pays for lifes activities, and not just the fun ones.
I hope this helps you understand the benefits of long term care insurance. Please consider it in your estate planning and call the Law Office of Jonathan W. Cole to get an estate plan in place.
Law Office of Jonathan W. Cole
5013 W. 95th St.
Oak Lawn, IL 60463
(708) 529-7794
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