If you read the above headline to today's blog before diving into the body of this post, you're likely ready now to immediately confront a bunch of "well, maybe, but maybe not" language.
So, we won't disappoint you. Whether or not you should purchase so-called LTC coverage for your senior years, well … it depends.
And that's not just our expressed view at the estate planning Law Offices of Kimberly Butler Rainen in Andover. It is one that is similarly shared by virtually everyone who knows anything about LTC plans and options.
In a nutshell, the "maybe, maybe not" calculation is something that every would-be buyer of such insurance needs to carefully gauge. As one writer on long-term-care plans stresses, potential purchasers "should know it's costly, is very complex and not everyone will qualify."
And, owing to that collective reality, that writer further notes the strong logic in contacting an elder law attorney for any individual or couple that is considering taking out a policy to protect against rising health care costs in old age.
Truly, there is a lot to think about, with much that is relevant being interrelated.
How much money do you have? Might you instead be able to accumulate savings elsewhere and rely upon government programs like Medicare and Medicaid? How long might you reasonably expect to live? Are you generally in good health?
The bottom line with LTC policies is that they might seem perfect for some individuals and flatly ill-advised for others.
A proven estate administration attorney can discuss health care concerns and options with an individual or family seeking to implement a sound estate plan. It is worth noting that health care considerations can often be addressed as part of a big-picture strategy that takes account of all planning dimensions in an integrated manner.