Many different people can benefit from the advantages of long-term care insurance. The truth is that you never know when you might need to use it. You could be extremely healthy and even experience a need for long-term care insurance in your 20s or 30s. Being unable to complete daily tasks without extensive assistance from a medical professional means that you might need long-term care support.
By removing this burden from your loved ones and empowering you to get the care that you need at the time that you need it, long-term care insurance gives you peace of mind that if something happens to you, you’ll be able to take action quickly. You may even want to consider including family members in your care planning so they are familiar with the type of coverage that you have before you need to use your insurance. There are two primary types of long-term care insurance. The first is traditional, which offers coverage policies that reimburse the entire cost of care in most cases. For combination or hybrid long-term care insurance policies, these policies are not individual long-term care coverages but are rather a combination of the two types of coverage under one distinct policy. The benefit of using a high bridge LTC policy is that if a policyholder dies before needing to use the benefits of long-term care insurance, the beneficiaries on that policy will receive a death benefit.
However, it’s important to keep in mind that it is much more expensive than traditional options, so you’ll always want to consult directly with your experienced and knowledgeable estate planning attorney to discuss how long term care insurance fits into the bigger picture.
If you’re not sure whether you need or want long term care insurance, you might need to have a bigger conversation around your various estate planning goals and any existing strategies already in place. Meet with an attorney from our Pasadena office to discuss the specifics for your plan.