Livens & Reed, PLLC

Insurance one way to fund long-term care plans

With comprehensive medical advances, most Texas residents and others around the world are living longer. Life expectancies have continued to increase over the years. While this is certainly excellent news, there are still some challenges that come with an aging population. A major concern for older adults is long-term care and how their daily needs will be met in the future. A financial expert has offered some insight on one of the ways many people choose to fund their long-term care needs.

Long-term care insurance is likely the main source of funding most consumers consider when thinking about these future needs. However, it is important to remember that it is not available to everyone. Put simply, a policy would need to be obtained when someone is younger and in good health. The likelihood of being approved for a policy goes down alarmingly as one ages.

A person may determine what types of care will be covered when selecting a policy. While nursing home care is a typical choice, other options include adult daycare, home-health services, respite care or assistance with daily living activities. Some policies can even specify help with housekeeping, shopping and preparing meals.

Policies can also designate that care will be provided in one's home, in addition to skilled nursing facilities or assisted-living residences. In most cases, the benefits start when someone is unable to perform basic daily living activities. In addition to physical inabilities, benefits also kick in if someone is cognitively impaired.

Insurance is only one of the ways consumers may choose to fund their long-term care plans. To consider this option and many others, it would be helpful to speak with a Texas attorney familiar with elder law. An experienced lawyer will work with clients to put individualized plans in place to address these important future needs.

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