It is wise to understand a product before you buy it. This works the same for any insurance policy you purchase, especially your long term care policy. Long term care is something that you may begin thinking about as you grow older, although you can start planning for and purchasing this insurance in your early twenties. It is extremely useful to have this coverage in a time where you may need to be placed in an assisted living facility or nursing home, but many of us don’t think about purchasing it until it is too late.
You may be asking several of the following questions. Is long term care insurance ever going to matter to me? How do I really know? What does it cost? How can I pay for it? Will I qualify for it? These are the big questions that you may be asking of yourself, your family or your elder care attorney, but not receiving the answers to.
The hard part about long term care is that the future is different for each of us. Some people need more coverage than others. On average, a nursing home costs about 8,000 dollars a month in Florida. This is a huge expense that many of us cannot imagine adding into our monthly budgets, which is why long term insurance may be a planning tool you want to consider while you can.
Unfortunately, many of us will not be able to qualify for long term care insurance or will not consider it as a planning tool until it is too late. This is when the guidance of a trusted Florida elder law attorney is crucial to you. When you do not have a long term care policy available to you, your elder law attorney can educate you on the ways that you can protect the monies you do have, helping to to ensure that your family does not lose their financial stability based on the care you need. We work with seniors and their families each day to make sure they have the care they deserve and can afford.
Start planning as early as possible to know where you stand financially. Long term care is extremely expensive and you need to start planning now. Remember that Medicare will not cover your long term care, which means you need to meet with your elder law attorney to determine the care elder care plan that will best suit your needs. Need help getting started? Don’t hesitate to contact us! We are here to help you and your family.