20 Sep
A retiree recently wrote to a personal finance columnist regarding her situation. She and her husband had retirement resources adequate to live on until they were both 120. However, her husband was diagnosed with Parkinson’s disease and required full-time care. They did not have long-term care insurance and, because of their ages, they could not afford to get it now.
In this scenario, the husband thought he had sufficient funds to self-insure the couple should a problem arise. Unfortunately, catastrophic illnesses or injuries that require constant care can disrupt plans to fund care for oneself. Therefore, it is recommended that individuals investigate options for long-term care while there is time.
Two types of coverage are available: traditional or asset-based long-term care. Traditional coverage requires that a person pay premiums, and the file claims when needed, after a specified elimination period is completed. Many prefer the asset-based approach that ties long-term care with another benefit such as an annuity or life insurance policy.
Long-term care planning should be an integral part of the discussion of one’s retirement goals. A Texas attorney familiar with elder law can provide information on the options available. An experienced lawyer will work with clients to protect their assets and ensure that appropriate care will provided to them.