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The Benefits and Limitations of Long Term Care Insurance
As a famous saying goes “A man’s got to know his limitations.” The same holds true when considering the purchase of a long term care insurance policy. These can certainly be a good investment towards that rainy day when one needs to reside in a nursing facility.
But could your money be used more wisely than buying into the fear factor that often drives such expenditure? What if the same amount was instead invested in a well structured 401k or other financial instrument?
There are some statistics that indicate that the fears consumers have of becoming in need of a long term care residential facility are unfounded. There is certainly nothing wrong with planning for the future. It is a vital need for all. But that must be done with a calm mind and a steady hand.
Should one reside in a place that is relatively more expensive to live than other areas of the country, like Chicago,Illinois, then moving after retirement to a less expensive state or even country could greatly enhance one’s abilities to sustain even the burden of long term medical care.
A terrific idea is to consult with an elder law and estate planning attorney to make sure that you have covered all of the bases before spending the often gargantuan sums required for a well conceived long term care insurance plan.
Some helpful Illinois attorneys that are well established in the guardianship & nursing home solutions fields even may offer free strategy sessions that come complete with a blueprint for choosing the best caregiver for your personal situation.
With such respected and reliable representation at your side, the odds are greatly increased that you will make the best possible decision for yourself and for your family. Any fees that you invest towards hiring a competent estate planning attorney will more likely than not be offset by the savings that you make on choosing the long term care insurance policy that is your greatest value.
Or depending on your assets and the advice of your elder law attorney, you may choose not to get one at all.