VIEWS: 11 PAGES: 2 CATEGORY: Legal POSTED ON: 10/17/2011
If you are unfamiliar with long term care insurance, now is a good time to discover some of the benefits.
The Basics of Long Term Care Insurance If you are unfamiliar with long term care insurance, now is a good time to discover some of the benefits. Long term care insurance can help cover the cost of a nursing home, an assisted living facility, or in-home care when, or if the time comes that you need it. Yes, Medicaid will cover some long-term care expenses, but it does not cover all of them and will only provide benefits if your net worth is low enough to qualify. Long term care insurance can be quite costly however – and the longer you delay in purchasing a policy, the higher the annual premium will become. What Will Long Term Care Insurance Pay For? Different policies provide different benefits. Some policies pay a daily benefit, such as $200 or $300 per day, that can be used to help cover your long term care expenses. Other policies allow you to set a maximum benefit and then adjust the amount you need on a daily basis. Some policies offer comprehensive coverage that include a wide range of healthcare settings, while other policies are facility-only. Which policy you choose will of course, depend upon your individual needs and the type of policy you can afford. You can also often choose to add enhancement coverages such as monitoring systems and in-home equipment, transportation to doctor’s appointments and the like. Before purchasing a long term care policy, be sure to compare your available options and consult with a specialist to ensure you’re getting the best deal. Experienced estate planning attorneys Garden City NY of the Law Offices of Saul Kobrick P.C. offers estate planning and business planning resources to residents of Garden City NY. To learn more about these free resources, please visit http://www.kobricklaw.com today.
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