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What Is Long-Term Care Insurance?


If you have an elderly parent or loved one, or if you are thinking about estate planning and long-term care planning yourself, you may be thinking about long-term care insurance. An important aspect of any asset protection strategy for older adults is long-term care insurance. Yet not all long-term care insurance is the same, and it is important to understand some of the ways that long-term care insurance can provide coverage and when it cannot. To be clear, purchasing long-term care insurance should not be your only asset protection strategy. Rather, it should be part of a broader asset protection plan that includes Medicaid planning and, in some cases, establishing a trust in order to protect assets.

Our experienced Putnam County elder law and asset protection attorneys can provide you with more information about long-term care insurance. If you have questions, or if you are ready to develop a long-term care plan and to think carefully about asset protection, you should get in touch with an advocate at Meyer & Spencer, PC as soon as possible.

Long-Term Care Insurance Can Cover Your Care for a Range of Medical Conditions

First, it is important to know that long-term care insurance is designed to provide coverage for care for older adults with a wide range of medical conditions. While some types of insurance can limit coverage for individuals with certain chronic or debilitating conditions, long-term care insurance is specifically aimed at providing coverage for certain conditions that require nursing care or assistance with activities of daily living. As an article in NerdWallet explains, long-term care insurance can provide coverage for care related to conditions like Alzheimer’s disease or other forms of dementia, cancer, mobility issues due to bone fractures, and many other diseases and disorders.

Coverage for Care in Various Locations

In general, long-term care insurance can provide coverage for the care you need in different types of locations or facilities. In many cases, long-term care insurance can provide coverage for care in one or more of the following locations:

  • Older adult’s home, for in-home care;
  • Nursing home; and
  • Assisted living facility.

You Will Still Need to Answer Health Care Questions

Most insurance companies offering long-term care coverage will still ask you information about your health, and you could be required to supply medical records. The premium costs may depend upon your currency health conditions and other factors, such as your age, your gender, and your marital status. The total amount of coverage you want will also impact the cost.

Long-Term Care Insurance Will Not Cover Everything

Many people make the mistake of assuming that buying long-term care insurance means that they do not need to consider any other issues in a long-term care plan, and that they do not need to think about Medicaid planning. For most individuals who have long-term care insurance and do require coverage, the policy likely will cover only a portion of what you need, and it will only kick in at a certain time. Most plans will not begin reimbursing an insured for a period of time (usually from one to three months) after the initial need for long-term care. Then, most plans will only apply if you require assistance with multiple activities of daily living. The reimbursement amount will also be capped based on the policy you selected.

Contact a Putnam County Asset Protection Lawyer

If you have questions about long-term care and asset protection, one of our experienced Mahopac long-term care plan lawyers at Meyer & Spencer, PC can speak with you today.



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