The costs of long term care facilities can quickly wipe out a lifetime’s worth of savings.
Shawn Weera has advised nationwide figures on the benefits and risks of long term care insurance versus using a normal insurance coverage plan when someone falls ill or needs more round-the-clock care, and suggests the route to take depends on the individual and their situation.— To some, long term care insurance may seem like the best option for someone who needs insurance coverage for 12 or more months in an intensive care or assistive living facility, but there are also some downfalls of the plan that many are unaware of. Michigan elder law attorney
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.
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