Late last year the New York Times tackled the subject of long-term care insurance and whether or not it is wise for younger people to purchase this insurance.
The first thing that should be considered is the fact that Medicare won’t pay for long-term care. And, most senior citizens will need living assistance at some point in their lives.
These two facts make advance planning a must unless you are someone who doesn’t mind gambling with your future.
Long-term care insurance is an option, and the younger you are when you take out the coverage the lower the premiums are going to be. Statistics indicate that people are buying this insurance at younger ages these days than they did in the past.
Taking steps to be prepared is certainly a responsible choice, but there are some pros and cons when it comes to long-term care insurance. The coverage amounts are generally limited, and it would be possible to pay the premiums for decades but still wind up well short of what you need should you require long-term care.
Plus, you may be convinced on a given day and sign up for the insurance when you are say 25 years of age. Over the years the premiums may seem like a luxury as you have more pressing immediate concerns.
If you drop the insurance at any point in time what you had paid into it would have been wasted.
The best way to plan ahead for long-term care costs is to discuss all of your options with a licensed elder law attorney. Many people will angle toward obtaining Medicaid eligibility as a way to pay for nursing home care.
A little bit of professional advice can go a long way when you are entering into uncharted waters, and few laypeople have a full understanding of long-term care insurance and the Medicaid program as it applies to long-term care for seniors.
To learn more, please download our free does medicare pay for long-term care in New York here.
Mark S. Eghrari, Estate Planning Attorney
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