Jun 10, 2010

Look Into Long-Term Care Insurance

Medicaid benefits and Veterans benefits may be available for families who are struggling to pay for a loved one's long-term care. Our lawyers are familiar with both kinds of benefits. We've helped numerous families in crisis save thousands of dollars by tapping into these public benefits. But I'm an estate planner, and that makes me partial to proactive planning. Why wait for a crisis to occur, when your options will surely be more limited? That's why I am a big proponent of purchasing long-term care insurance. It's one of the most prudent things you can do to protect your nest egg!  Sure, no one likes paying premiums to cover an event that might never occur. But think of it like this: it's an investment in your peace of mind. Plan for the worst, hope for the best, and you can enjoy today without worry.

Of course, securing long-term care insurance is easier the younger you are. I encourage all my estate planning clients regardless of their age to investigate it. I've also found that the cost factor scares away a lot of people. While the older you are the more expensive the premium, the cost may in fact not be as great as many people assume. Read the report about costs from the American Association for Long-Term Care Insurance. The report also contains tips for how to secure the best coverage. Also, there are new rules and tax breaks regarding long-term care insurance. Read about these here.

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