As many individuals get older, they are faced with the reality that they may have to reside in a nursing home or assisted living facility at some point in the future. The costs associated with long-term medical care and treatment at these facilities can be extraordinarily high. Consequently, it is important that you start preparing for these expenses as early on in your life as you possibly can. By having a thorough, well-thought-out plan in place, you can help to reduce the strain that long-term medical care at a nursing home or convalescent center might place on your family and loved ones down the road.
Fortunately, when it comes to preparing for these costs, there are several options – including insurance options. In addition to obtaining the right kind of insurance, it is important that you also speak with a California elder law attorney who can look at your financial situation with you and help you decide on the best course of action. Your lawyer could also help you draft necessary documents, including wills and trusts, and assist with all of your estate planning needs.
Long-term Care Insurance
In many instances, health insurance does not pay for some of the expenses that are associated with long-term care at nursing homes and convalescent centers. Long-term care insurance, however, can help to pay for some of those expenses. As with any other insurance policy that you take out, with long-term care insurance, you will select a certain amount of coverage and pay premiums on a regular basis.
However, when it comes to obtaining the necessary insurance for long-term care, it is important that you act fast. You cannot wait until you require care in order to get the coverage that you need. As you get older, the costs associated with these types of policies can increase significantly – so it is better to try and get in as early as possible. A California elder law attorney in your area will be able to answer all of your questions and address all of your concerns regarding long-term care insurance and what it covers.
Other Insurance Options
In addition to considering long-term care options, other insurance policies might help when it comes to ongoing care later in life. For example, under some life insurance policies, a policyholder may be able to withdraw benefits early or borrow a certain amount against the policy in order to fund expenses for long-term care.
Another potential option is an income annuity. Under this arrangement, an individual pays an up-front sum to the insurance company. The annuity then issues him/her a certain amount of annual income on a guaranteed basis. In addition to regularly dispersing income during retirement, some income annuities have provisions that assist holders with the costs associated with long-term care.
A knowledgeable California elder law attorney in your area can help you explore these options for funding your anticipated long-term care costs based on your unique circumstances. Contact us today for a free consultation.