Long term care insurance makes nearly every “estate planning tips” list, and with good reason. Nursing homes can charge anywhere from $7,000 to $15,000 a month. As you can imagine, private, in-home care is even pricier. But whether a person receives care in their own home, at a nursing home, adult day care, or other assisted living facility, the cost can be staggering.
Unfortunately, the high cost of long term care insurance works as a deterrent to many would-be consumers. Benefits may cost anywhere from $5,000 to $30,000 per year, depending on coverage and eligibility. For Baby Boomers in their 60s, experts say now is the time to obtain benefits because the cost of insurance will be at the lower end of the spectrum. This is because as a person ages, they move into the higher premium bracket.
The variety of options currently available means there is a fit for almost any budget. Hybrid policies have gained favor over the years because of flexibility in pricing and coverage. A hybrid policy is one with life insurance with a long-term care rider. Disability isn’t something any of us like to think about, but long term care insurance can work to protect and preserve your wealth so there is more to pass on to those people or causes you care about.
Take the time research whether long term care is the right choice for you. If you have any questions about how long term care fits in your estate plan, the attorneys at Morris Hall are ready to assist you.
Contributed by Morris Hall, Phoenix Estate Planning Attorney Andrea Claus.
Why Choose Morris Hall: You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.