Long Term Care Insurance

Having practiced Elder Law for more than thirty years, it becomes more and more apparent to me that our current “needs based” system that provides government benefits to pay the cost of long-term care may become a thing of the past. As “baby boomers” approach their senior years, they should consider the purchase of Long Term Care Insurance to help pay the cost of their long term care needs. One of the great benefits of Long Term Care Insurance is that you can access funds when the needs arise for assistance at home. It has been my experience over the years that most people prefer to live at home rather than in an assisted living facility or a skilled-care nursing home. When it is possible, consideration for care in the home should be given to the elderly and if Long Term Care Insurance has been purchased the elder maybe able to realize that goal. Even under our current Medicaid system, very little benefit is available for persons residing at home. In the early years Long Term Care Insurance policies were not very good. However, as the insurance industry has become more comfortable with the cost of long term care, the under-writing development of policies has improved greatly. I recommend that those approaching their senior years consider the purchase of Long Term Care Insurance before the costs become prohibitive.

Mark Clements
Certified Elder Law Attorney by
The National Elder Law Foundation