Long-term care insurance is built specifically to cover one year or more of necessary services in either a nursing home or outside facility in the United States. Policies provide for essential diagnostic, therapeutic, rehabilitative, or personal care services, usually when the individual becomes ill or injured. However, there are some situations in which coverage under long-term care insurance is not available. Nationally recognized asset protection expert and elder law attorney — Shawn Weera recently shed light on the varying factors that will determine if these policies are a wise investment.
As the average life expectancy continues to increase, Americans are frequently turning to assisted living, nursing homes, and other forms of support in their later years of life. For those without insurance, the costs of these facilities can quickly wipe out a lifetime’s worth of savings. Still, Weera explained that an individual’s age, health, retirement goals, income and assets will all come into play when deciding if long-term care insurance is right for them. He also noted that there are some circumstances that will make an applicant unavailable to receive benefits, including a preexisting medical condition that a health care services provider recommended or treated within six months prior to the effective date of the policy, mental or nervous disorders other than Alzheimer’s disease or dementia, alcoholism or drug addiction, or an illness, treatment, or medical condition arising out of war, participation in a felony, or suicide attempt.
For those who are applicable to receive benefits, Shawn Weera explained that consumer and financial experts generally agree that long term care insurance premiums must be 5% or less of monthly income to be considered a good investment. For example, an individual in their 80s, who in addition to their home expects to have over $300,000 in assets and at least $50,000 per year in income, would be wise to protect their estate through one of these policies. Before making any final decisions, Weera urged those considering these plans to carry out due diligence by comparison shopping and seeking the advice of an elder law attorney to make clear each policy’s exclusions, limitations and benefits.
Shawn Weera, JD, MFP is an elder law attorney with over fifteen years experience helping retirees and wartime veterans preserve and grow their estates through wise and efficient planning. As the President of the Law Offices of Shawn Weera, he has assembled a team of the top elder law and Medicaid experts in the country. Together, they proudly fulfill the firm’s mission to help clients achieve estate planning and asset protection goals in times of prosperity, to provide protection in times of uncertainty, and to offer peace of mind solutions in times of crisis. In addition, Weera and his team frequently host seminars to help educate citizens about a wide range of elder law, Medicaid, Medicare, and estate planning issues that are free of charge and open to the public.
Shawn Weera - Michigan Elder Law Attorney: http://shawnweeranews.com
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