Aging is an inevitable part of life, which is why you should choose to do it on your own terms. The average age of death among United States residents is steadily increasing. Meaning the likelihood of needing a long-term care plan is increasing as well. If you are concerned about needing a long-term care plan, you should consult an attorney today.
At Herr Potts and Potts, our southeast Pennsylvania long-term care attorneys are experienced in handling various issues in the long-term care planning field. We will work with you to understand your unique long-term care needs and assist you in satisfying those needs. To schedule your confidential consultation, call us at (610) 254-0114 or contact us online.
What is Long-Term Care Planning in Pennsylvania?
Long-term care refers to services provided over an extensive period of time for the purpose of medical and non-medical needs of individuals. Long-term care is usually for individuals who cannot independently care for themselves due to suffering from a chronic mental, emotional, or physical illness.
Long-term care services can be provided:
- In your home (personal care homes)
- Assisted living facilities in your community
- Institutions such as nursing homes
The U.S. Department of Health and Human Services has found that 70% of individuals over the age of 65 will require some form of long-term care during their lifetime. However, individuals who are under the age of 65 sometimes also require long-term care services.
How to Obtain Long-Term Care Insurance?
Long-term care insurance is used to fund a variety of long-term care services. When determining whether you need or want long-term care service, you should think about:
- Your age
- Health status
- Your retirement goals
- Income and assets
If you do not have a large amount of assets, it may be difficult to afford a long-term care service. Public assistance may be available for individuals who meet certain requirements. However, public assistance for long-term care is only available after meeting strict criteria.
For example, Medicare can pay for long-term care up to 100 days for rehabilitative care in a nursing home. However, most people can only qualify for an average of 22 days of care. This leaves those who do not qualify for federal and state programs to turn elsewhere.
Other avenues individuals can seek for long-term care plans are:
- Individual policies – individual policies vary from one insurance company to the next.
- Employee policies – an advantage of employee policies is that you will likely not need to meet any medical requirements.
- Association policies – associations allow insurance agencies to sell insurance policies to their members. Policies purchased through an association typically allow members to keep their policies after leaving the association.
The costs of long-term care insurance can greatly differ depending on who is providing the policy. Since the long-term care business is expanding due to people living longer, it does not have many industry standards. Meaning, when looking for a long-term care insurance policy it pays to shop around. One insurance company may charge you a significantly higher price than another.
When Should You Buy Long-Term Care Insurance?
When dealing with the world of long-term care insurance it pays to plan ahead. According to the American Association for Long-Term Care Insurance (AALTCI), the rate of rejection for long-term care insurance plans increases as you age. This is to be expected, as insurance policies are based on a calculated risk. The AATLCI recommend that looking into long-term care insurance would be appropriate while you are between the ages of 52-64.
If you believe the costs of long-term care insurance are too high there are alternatives an individual could consider. Some of these alternatives include:
- Investing in a good health insurance plan. Preventative medicine may later eliminate the need for a long-term care insurance plan.
- Using other sources of income to fund your own long-term care needs. For example, you could utilize money from a life insurance plan or from a stock portfolio.
- Using your own funds to self-insure yourself or turning to family members who may help.
- Purchasing critical illness insurance. Some critical illness insurers allow people to convert their plans into long-term care plans without undergoing a medical examination. However, this is a rare event.
These are only some preliminary ideas to consider when planning your long-term care, to fully consider all your options you should speak with an experienced long-term care planning attorney.
Pennsylvania Long-Term Care Planning Lawyers
If you are concerned about planning your long-term care, you should speak with an experienced lawyer. At Herr Potts and Potts, our lawyers will diligently work with you to find a long-term care plan that can meet all of your unique requirements. Our southeast Pennsylvania long-term care planning lawyers have served residents of Pennsylvania for decades. To schedule your confidential consultation, call us today at (610) 254-0114.