Livens & Reed, PLLC

Supplemental insurance policies beneficial in elderly planning

Nursing homes can cost as much as $100,000 per year, and Medicare covers none of it. Without additional insurance to absorb the cost, retirement accounts will be drained quickly if seniors need in-home or nursing home health services. In Texas, it may be wise to consider long\-term care insurance when doing elderly planning.

Long-term care insurance protects seniors who are no longer capable of performing everyday activities like eating, dressing and bathing without assistance. LTC insurance can be costly, and policies have hefty premiums, so it may not be right for everyone. Policyholders are also subject to a 90-day elimination period before benefits begin. It is important to know people in poor health or with pre-existing conditions may not qualify for these policies. 

The most common coverage is nursing home stays, but long-term care insurance can also cover in-home care with skilled nursing, therapy and personal care assistance. Alzheimer's care facilities, assisted living and adult day centers are just a few of the expenses that are also covered. For many, an LTC policy may make sense to safeguard against the potential need for care that is not covered by Medicare.

Elderly planning with long-term care insurance may be a wise choice for those seeking the peace of mind about whether they can afford proper medical care. In Texas, seniors with questions about long-term care and elderly planning may consider consulting with an attorney. A lawyer who is experienced in elder law can address concerns and answer questions to determine if a long-term care insurance policy is the right choice for them.

Source:, "Your 2018 Guide to Long-Term Care Insurance -- The Motley Fool", Matthew Frankel, Feb. 2, 2018

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