Long – Term Care Insurance
If you decide to purchase a long-term care insurance policy and don’t purchase enough coverage, you still risk losing your life savings, just at a slower pace. Also, if you purchase a policy that only covers you for a limited period of time, such as three years, you again risk losing your life savings if you remain in a nursing home for longer than the covered time period.
There are many insurance companies selling long-term care policies. There are many options and considerations which must be reviewed:
Two Basic Questions:
- Can I afford such a policy based on my income/resources?
- What type of coverage should I purchase?
Once You Have Determined That You Wish To Purchase a Policy, Then The Following Options On The Type Of Coverage Must Be Reviewed:
- Daily nursing home benefit amount
- Daily home care benefit amount
- Daily home care services covered
- Activities of daily living criteria
- Deductibles
- Lifetime monetary coverage caps
- Cap on policy coverage duration
- New York state partnership plan
- Cost of living increases
If you are already ill, long-term care insurance will normally not be an option. You should review your immediate crisis asset preservation options in the Medicaid section of this website.
If you cannot afford the premiums for a long-term care policy, you may want to review the option of establishing an irrevocable trust.
It is also possible to purchase a long-term care insurance policy to protect you during the Medicaid transfer penalty period after making gifts or establishing an irrevocable trust.
Contact Our Firm For Help
If you live in central New York and have questions about the advisability of long-term care insurance as compared to other asset preservation options based on your situation, contact Koldin Law Center, P.C., online or by calling our East Syracuse office at 315-314-3205.