A frequent question we get asked in our office is how one can preserve retirement savings from being depleted by long term health care and assisted living costs. The answer more times than not is through the purchase of long term care (LTC) insurance.
Many people shy away from purchasing LTC insurance because they think that they are too old to apply. While health status may be a factor in getting a policy, age may not be. Thinking you are too old is a common misconception for not purchasing this extremely important insurance. We recommend that you at least try to qualify for a policy instead of assuming that you are not eligible for coverage and not applying at all.
We encourage people who don’t have long term care insurance to develop a game plan years in advance for paying for long term care, a very costly expense that is not covered by Medicare or private health insurance. This type of planning often involves transferring specific assets out of the name of the person who will be receiving the long term care so that, by the time that the care is needed, the recipient will be eligible for Medicaid to cover the costs of the care.
For more information on LTC insurance and asset protection, as it relates to long term care, please call our office and schedule an appointment with one of our elder law attorneys.