As we age, it is inevitable that we will need to have help getting through the day. What degree of assistance will be needed? Will you need any kind of service not covered by Medicare?
Answering this question and some others can help to make the decision to buy or not buy long term care insurance.
How is your Health?
While most seniors will need care at some point, the degree of care is generally very small. If you have a chronic condition that you know will require additional care, then insurance might be an option.
Family medical history is something to consider. If some kind of illness runs in the family, you could be at risk.
What is covered by Medicare?
Medicare does not normally cover long term care or nursing services. This is even in a case where an individual has a chronic illness that requires that care. There may be limited payments after a hospital visit, but that does not cover any long term care.
Does it fit your Finances?
Simply put, can you afford the insurance? Insurance for long term care can be very expensive. In the long run, it can drain your finances more than actually paying for the care out of pocket would. Look at both your existing and future incomes to see if the purchase makes sense.
If you have any legal questions about long term care insurance or how it can fit into your elder care plan, contact Stano Law today!
