• Skip to primary navigation
  • Skip to main content

The Hayes Law Firm

Estate and Elder Law Information Center

  • (626) 403-2292
  • Attend a Free Webinar
  • Home
  • Our Firm
    • About Our Firm
    • Virtual Estate Planning
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
    • Multi-Media
    • Reviews
    • College Internship Program (Marketing)
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Taxes: Figures
    • Family-Owned Businesses
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ+ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
  • Probate Process
    • CA Probate & Estate Planning Savings Calculator
    • California Probate Process
    • Common Probate Questions
    • Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
    • Why Hire a Probate Attorney?
  • Trust Administration
    • Trust Administration Resources
    • Trust Administration Assistance
  • Resources
    • Feature Articles by The Hayes Law Firm
    • DocuBank
    • COVID-19 Estate Planning Resources
    • Educational Heroes
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Articles
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • FAQ’s for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning FAQ’s
      • Trust Administration & Probate FAQ’s
    • LGBTQ+ Resources
    • Newsletters
    • Special Needs Resources
  • Elder Law
    • Are You A Caregiver for a disabled loved one?
    • Coping With Alzheimer’s
    • Emergency Medi-Cal & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medi-Cal Planning
    • Veteran’s Benefits
  • Seminars and Webinars
  • Contact Us
    • Preparing for Your Initial Consultation
  • Blog

What’s the Story on Long Term Care Insurance?

William Hayes · Jan 14, 2020 ·

Story on Long Term Care Insurance

The Story on Long Term Care Insurance – Typical employer-based health coverage doesn’t pay for daily care services, and Medicare will only cover a short stay in a nursing home or a limited amount of at-home care. And so, long-term care insurance was born.

Long Term Care Insurance

Policies offer many different coverage options to help you pay for the care you need, whether living at home, in an assisted-living facility or in a nursing home. Long-term insurance may pay expenses for adult day care, as well as help pay costs associated with modifying your home so that you can keep living in it safely.

Factors that affect coverage:

  • Age and health — Will you be able to pay the policy’s premiums now and in the future? They can be expensive, but note that policies cost less if purchased when you’re younger and in good health.
  • Premiums increase over time — Your income may decrease at the same time. If you are unable to afford the premiums in the future, you may lose all the money you’ve already invested in a policy.
  • Your income — If you have difficulty paying bills or are concerned about paying them in the years ahead when you have fewer assets, spending thousands of dollars a year for a long-term care policy may not make sense. If your income is low and you have few assets when you need care, you may qualify for Medicaid. However, Medicaid generally will not give you the same level of coverage as an LTC plan.
  • Your support system — You may have family who can provide some long-term care. Would you want their help? How much can you reasonably expect from them?
  • Your taxes — This can get complicated. In many cases, there are tax deductions for both premiums paid and benefits received, but there are a lot of details you need to discuss with a financial professional.

What long-term care policies are out there?

  • Individual plans — Sold through an insurance agent or broker. Make sure the person you buy it from has additional training in long-term care insurance.
  • Employer-sponsored plans — some employers offer group long-term policies or make individual policies available at a discount. The policy may be portable after you leave.
  • Plans offered by organizations — A professional or service organization that you belong to may offer group-rate long-term care insurance policies to its members. Study your options if you were to leave the organization or if coverage were terminated.
  • State partnership programs — If your long-term care policy qualifies for a state partnership program, you can keep a specified amount of assets and still qualify for Medicaid.

Be on the lookout for coverage exclusions — most states have outlawed companies from requiring that you be in a hospital or nursing home for a specific number of days before you can qualify for benefits. Some states, however, do permit this exclusion, so check your plan for this and other “fine print” issues.

This is just a basic introduction to a complicated topic. As always, feel free to contact our office for help in determining if long-term care insurance is right for you, and if so, what options are best.

The Story on Long Term Care Insurance

Like this article? Check out some of our other informational articles: “Making Homes Accessible for Senior Citizens” https://www.losangelestrustlaw.com/making-accessible-homes-for-senior-citizens/


For more information about The Hayes Law Firm, visit our Google My Business page.

This website is not intended to be a source of solicitation or legal advice. General information is made available for educational purposes only. The information on this blog is not an invitation for an attorney-client relationship, and website should not be used to substitute for obtaining legal advice from a licensed professional attorney in your state.   Please call us at (626) 403-2292 if you wish to schedule an appointment for a legal consultation. 

  • Author
  • Recent Posts
William Hayes
William Hayes
As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.
William Hayes
Latest posts by William Hayes (see all)
  • Travel Tips for Senior Citizens - May 23, 2022
  • Trusts for Those With Addiction Problems - May 22, 2022
  • What to Know About Credit Scores - May 9, 2022

Blog Subscription

Sign up for our newsletter and get our news straight to your inbox!

Stay Informed

Where we are

The Hayes Law Firm
729 Mission St. #300
South Pasadena, CA 91030
Phone: (626) 403-2292
Fax: (626) 403-2299
Proud Memberaaepa

Office hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

map
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

© 2022 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us