Insurance companies want to know if you are the ideal client for their products and as a potential client, you need to be well informed on making this mission critical decision to protect both your health and your wallet.
LAYING THE FOUNDATION
As we all grow into our elder years, we always know there will be expenses that arise, but most don’t plan for the inevitable. Whether it’s with Medicare for short stays in nursing homes or assisted living or looking to non-viable options such as our employer’s or individual health care insurance providers for assistance, you have an alternative to each in long-term care insurance. We will go into what points to consider when looking into this option for your bills as well as how to gain access to many providers and what types of questions you should ask with the guidance of a proven resource such as the attorney advisors at Jeff Jinks Law.
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Our Firm Looks Out For Our Clients
WHAT SHOULD I LOOK FOR?
INCOME: You have to have a clear understanding of how an insurance solution can fit your current budget today. If you’re unable to pay for premiums now, other alternatives such as Medicaid could be used as a more limited option for your living arrangements. As there are limitations on such assets for qualifying, a more through assessment with an attorney will uncover how best to structure your plan.
SAVINGS/INVESTMENTS/TAXES: With looking maximize your current dollars into your future needs, combining the services of an elder law with a financial advisor would be able to assist in crafting your plan. Due to HIPPA passed by Congress, plans that meet “certain standards” receive favorable tax benefits due to age considerations and max long term care insurance premiums.
OTHER COST CONSIDERATIONS
As insurance providers look to include care on a day rate, this dollar amount will vary from what the coverage consists of and the limitations on benefit amount whether from a total dollar sum or duration of years. Seeing that coverage would fluctuate massively due to the standard of living and demographics of your local area as well as take into account for inflation, you will have to plan for the anticipated costs under your specific policy.
QUALIFYING, EXCLUSIONS AND WAITING PERIODS ARE NOT CLEAR ALL THE TIME.
Providers come in different types of plans similar to the categories of health insurance such as individual plans through a standalone or corporate insurance broker, state or private organizations such as AAA and AARP, joint policies with married couples or related individuals or through their employer.
With different programs, look for agents that specialize in LTC. Organization and employer-sponsored plans are similar to creating individual policies that are discounted through the group rate. Lastly, joint policies reflect a maximum benefit connected to the policy that couple or 2 adults have total to use.
Our Indiana Elder Law Lawyers Know LTC Options, Don't Delay.
SERVICES COVERED AND POSSIBLE EXCLUSIONS:
From nursing home facilities, assisted living, future service options, adult or home care services, these types of services all have their costs and qualifying processes which can be challenging to comprehend looking at any long-term care insurance policy.
We will take into account both preexisting conditions, your age, and overall health and see how these potential roadblocks can further extend the time and duration you will be unable to access some types of LTC products. Going through the choices alone doesn’t make the best decision for yourself or loved one. You deserve a better way for your needs in the future. Contact us today to discuss your options.
To schedule your no-obligation case evaluation about your Long-Term Care Insurance needs, please contact an Indiana elder law attorney from our firm today!
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