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Long-Term Care Planning

More than 70 percent of Americans over the age of 65 will require some kind of long-term care during their lifetime and 40 percent will require nursing home care.  Since most of us will need long-term care services in the future, it is a good idea to plan ahead and explore your long-term care options before you need it.

Many individuals delay planning for long-term care because they don’t like to imagine a future where they will need it.  Too often, people only start to think about long-term care when they or a loved one needs it but waiting until then can mean that your options are limited.  If you do not plan ahead, you may not have the information, decision-making ability or money needed to get the long-term care services you require.

Why Plan Ahead for Long-Term Care?

If you live beyond the age of 65, it is likely that you will need long-term care and the likelihood of needing services increases as you age.  Long-term care can be expensive and many services aren’t covered by Medicare and other health insurance programs.

Planning ahead for long-term care allows you to:

  • Understand Your Options: learn about the long-term care services and support available in your community and from your family
  • Make Informed Decisions: determine which long-term services you may need and prefer
  • Research the Cost: determine the costs of long-term care services and payment options available to you
  • Save Money: find payment options that are best suited to your financial situation and long-term care needs
  • Consider Long-Term Care Insurance: protect yourself, your family and your life savings

 

Why Purchase Long-Term Care Insurance?

To prepare for the cost of long-term care, you may wish to purchase long-term care insurance which will allow you to meet the financial need while retaining your savings.

Long-term care insurance policies are private insurance and are not part of Medicare.  In some situations, parents will take out long-term care insurance policy for themselves so they will not be a burden on their children when they need nursing home care.  In other cases, children will take out a policy to benefit their parents while also protecting their inheritance.

Protect Your Family and Assets

There are many different long-term care insurance policies available and it is a good idea to consult with a Pittsburgh insurance lawyer at Fingeret Law to determine which policy is best for you.  To discuss your specific needs and to find out how our long-term care planning attorneys can help you, please call Fingeret Law at 412-254-8533 or contact us online.