After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home health care agencies, assisted living facilities, and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
Long-term care insurance ("LTCI") provides the financial leverage necessary to overcome such a result, allowing an individual to obtain the care that he or she needs, in the environment of his or her choice. Thus, it is my opinion that if an individual is in good health, less than 65 years of age, and has $300,000 of liquid assets, he or she cannot afford to go without LTCI coverage. Additionally, with a properly structured LTCI policy, including coverage for all professional long-term care services, and a return of premium rider, the LTCI policy becomes the financial safety net for the individual. Furthermore, if the LTCI coverage is not used, the individual's designated beneficiaries - which may include a trust, will receive a full refund of the premiums paid by the individual.
November is National Long-Term Care Awareness month, making it the perfect time to take the first step in getting the information you need to protect yourself, your family and your loved ones.
Take the first step.
