Long-Term Care Insurance - Genser Cona Elder Law

Long-Term Care Insurance

As you approach and enter retirement, long-term care insurance becomes less of a simple topic of conversation and more of a necessity. It is important to become educated on long-term care insurance options to help defray the cost of future health care.  While not everyone can afford the insurance or will be medically qualified, long term care insurance can serve as a critical component to an overall asset protection strategy.

The Elder Law attorneys at Genser Cona Elder Law offer years of experience creating comprehensive plans to help people like you achieve a superior peace of mind. Although we do not offer long-term care insurance policies, we can help guide you and make sure you understand how long-term care insurance fits into an asset protection plan.

Different Types of Long-Term Care Insurance

Long-term care insurance is a type of personal care service or skilled care service you may need if you are no longer able to care for yourself due to chronic illness, special need, cognitive impairment, or disability. This coverage can provide assistance with functions, such as:

  • Dressing
  • Eating
  • Bathing
  • Toileting
  • Ambulating
  • Transferring
  • Daily activities

Depending on the type of long-term care insurance, you can have services provided in a nursing home, at your home, in a hospice facility, or assisted living facility. Let's take a closer look at the different types of long-term care insurance.

Private Individual Long-Term Care Insurance

This type of insurance is purchased directly from an insurance broker. You'll negotiate directly with the insurance company for the coverages that you beleive will benefit you the most.

Employer-Sponsored Long-Term Care Insurance

As the name suggests, employer-sponsored long-term care insurance is offered by your employer.  One of the key benefits of this type of plan is it usually doesn't include underwriting, which means you would not have to qualify medically.

Organization-Provided Long-Term Care Insurance

Organization-provided long-term care insurance is offered through an organization or association. This type of insurance may be used as a form of coinsurance which can help supplement other costs incurred.

State Partnership Long-Term Care Insurance Programs

These are programs you pay into for long-term care insurance. With this type of coverage, you may be allowed to keep a certain amount of assets and still qualify for Medicaid.   New York has several New York State Partnership for Long-Term Care Plans.

What's Covered in a Long-Term Care Insurance Policy?

Long-term care insurance is very flexible and can offer a varying range of coverages. Because of this, it's best to work closely with an experienced long-term care insurance broker to create the best solution based on your unique needs. However, some of the most common areas covered by long-term care insurance include:

  • Nursing home care
  • Adult day care
  • Assisted living facilities
  • Home care  

At Genser Cona Elder Law, we'll use our experience to help guide you and determine how long-term care insurance may work with your overall estate and asset protection plan.

Is Long-Term Care Insurance Expensive?

Long-term care insurance may provide nursing home benefits, home care benefits, assisted living coverage and more. While some policies may appear "expensive", the average annual premium is generally less than the cost of one month in a nursing home.

Understanding long-term care insurance and the options available can be complex and confusing. We can help you determine whether long-term care insurance is right for you and if so, what type of policy to look for. While long-term care insurance is not for everyone, it may be an important part of your Estate and Medicaid plan.

Contact Genser Cona Elder Law for Asset Protection Planning

The Elder Law attorneys at Genser Cona Elder Law offer decades of experience helping people like you plan for today and tomorrow. We'll guide you through the process of creating your plan and incorporating long-term care insurance if appropriate, so you can rest easier today knowing your future is more secure.