Long-Term Care Insurance? Do I Need It? Our Estate Planning Attorney Offers Tips and Help

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Estate planning involves many different aspects from wills to advance directives, and more. One of the many things that pops up is whether long-term care insurance is needed. An estate planning attorney can help guide you and provide you with the information you need about whether your situation may be best suited with a plan in place.

Unfortunately, a long-term care insurance plan may not be in the cards for everyone as they can be quite pricy, however, if you can afford it, then it may be a good idea for you.

The cost of the insurance plan depends on multiple factors which include the age you are when you purchase the plan, the length of the coverage, and the amount of the daily benefit.

Our estate planning attorney in NYC suggests you view a long-term insurance plan as an investment as opposed to a cost as you are investing in your care over the remainder of your life. One main reason for choosing a long-term care insurance plan is to protect your retirement benefits and account. If you would like to learn more about how estate planning can help you secure your future, do not hesitate to give our office a call.

Estate Planning Attorney: Tips for Purchasing Long-Term Care Insurance

Below, our estate planning attorney will discuss some tips and strategies for you to keep in mind as you shop for and purchase a long-term care insurance plan.

  1. Maximize your discounts by purchasing a plan with your spouse.

Many insurance companies will provide you with a nice discount if you and your spouse purchase a plan together. This strategy can help you save money.

  1. Shop around and compare costs.

One of the worst things you can do is jump into a decision on the spot. You should take your time, shop around, and compare the costs of different plans.

When shopping around, make sure to find out the cost of the plan and what it entails. This will help you determine if you are getting a good deal.

  1. Consider an option for plan sharing.

Something you may want to consider is a plan sharing option. What this usually entails is that you or your spouse can utilize benefits from the other’s plan.

For example, if you and your spouse each have a plan for $50,000 and you use all your $50,000, you can then use some of your spouse’s $50,000 to help cover your costs.

  1. Always buy your plan BEFORE your birthday.

The cost of a long-term care insurance plan rises with age, so it is wise to not only purchase one while you are younger, but before you turn another year older too.

Our Estate Planning Attorney in NYC Can Help You

Long-term care insurance is not easy to navigate and can be confusing, especially as you look at the benefits and what they mean.

Having an experienced and skilled estate planning attorney on your side is a good idea and the team at Morgan Legal Group PC is ready to assist you. If you would like to learn more about long-term care insurance, call our office today at 212-561-4299.