Do I Need Long-Term Care Insurance?

Long-term care insurance (LTC) provides you with the financial means of getting the assistance that you need when you become unable to perform one or more of the activities of daily living on your own. Activities of daily living are activities like eating, getting dressed, walking, or bathing. LTC pays for assistance with activities of daily living whether you are living at home, in an assisted living facility, or in a nursing home. It also can provide assistance if you are in a community program such as adult day care. What a particular LTC insurance policy pays for depends totally on the type of policy that you have chosen. Some policies cover LTC in all circumstances, while other policies only offer coverage if you are residing in a nursing home.

It is impossible to know whether you will need LTC later on in life, so it is hard to know whether you should have a LTC insurance policy in place or not. You may not need it at all, you may need it for only a short period of time, or you may need it for a number of years. Many people need LTC after an illness or injury, such as a stroke or a broken ankle, or due to a cognitive disorder, such as a traumatic brain injury or Alzheimer’s disease. The severity of your medical condition determines where and what LTC you will need and receive.

You should definitely make a plan for LTC, whether you end up needing it or not. This will help ensure that you have options that you can afford if you become incapacitated in some way. Whether or not LTC insurance is part of that plan depends on your individual situation. An experienced elder lawyer can help you review your available resources and assets in order to make an informed decision about LTC insurance.

Making decisions about LTC is difficult, no matter what your circumstances may be. Ensuring that you and your loved ones have a LTC plan in place well in advance of the need for nursing home care is an important step that you must take. Fortunately, when you don’t know where to turn for help, Legacy Law Center is a valuable resource that you can access as needed. If you or a loved one is in this situation, you should definitely contact an experienced Michigan elder law attorney at Legacy Law Center right away. Call Terrence Bertram at Legacy Law Center today and see what we can offer you and your family.