Binghamlegal group
248-952-8783 888-794-3433

Benefits and risks of long-term care insurance

As Michigan residents grow older, they need to consider a variety of things so they and their family are protected. This includes writing a will, deciding if a trust is beneficial and naming beneficiaries and guardians. 

Another consideration is long-term care insurance. According to AARP, this helps pay for a number of services and care in the event an illness or injury calls for daily assistance for a long period of time. While there are some benefits to this coverage, it is not necessarily for everyone.

Benefits

One of the main reasons people choose this type of insurance is it is not covered by regular health insurance, and Medicare only covers a limited amount of care. The care can wipe out your savings and other assets in a short amount of time, and the insurance can save you a lot of money if you need it for an extended time. Depending on the specific policy, some of the care and services that may be covered include:

  • Home care such as bathing, dressing and housework
  • Assisted living
  • Nursing home care
  • Home modification
  • Care coordination

There may also be tax benefits to this insurance. Depending on your situation, you may be able to deduct your premiums, and the benefits paid out are not taxable.

Risks

According to FindLaw, long-term care insurance may not be the best investment.  To start with, it is expensive, especially for those in poor health. It also has limits, and insurees may find that not all of their needs are covered. People should also be aware that long-term stays in care facilities are not that common, so the insurance may not be needed or used enough to justify the cost. It is always a good idea to speak with a professional to determine if long-term care insurance is worth spending the money on before you sign up for coverage.

 

No Comments

Leave a comment
Comment Information

proper representation is important.schedule a meeting to review your case andlearn more about how we can help you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

have you already made an appointment?review our address information and get driving directions to our location.

Bingham Legal Group PC
30100 Telegraph Road, Suite 360
Bingham Farms, MI 48025

Fax: 248-642-3207
Bingham Farms Law Office Map

Phone: 248 952 8783
Toll Free: 888-794-3433
Contact the Team

Review Us