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Should long-term care planning include insurance?

Many people in Washington, DC consider long-term care insurance policies as part of their estate plan. As the elder care landscape changes, policies have changed as well. Some may be wondering if long-term care planning should include such a policy at all.

Last year, some 273,000 people received benefits from their long-term care insurance policies. This equates to approximately $7.5 billion. Nearly half of that money went toward in-home care, instead of a traditional nursing home as more people do whatever is possible to remain in their homes as they age.

An additional 18.5 percent of the benefits were for assisted-living centers. These centers allow the resident to maintain independence, but assistance is available if needed. Advancements in technology allow these options to be used more frequently than in the past.

A long-term care insurance policy can be a useful tool for many Washington, DC residents. Nonetheless, one caveat is that premiums in many locations are on the rise. It may be necessary to pursue other avenues to either replace or supplement such insurance in order to ensure monies will be available when an individual needs it.

Still, many people fail to plan for the eventuality of long-term care even as predictions indicate more people will need it in the future. In fact, estimates put the payment of benefits from long-term care insurance at $34 billion by 2033. Long-term care planning is becoming crucial for individuals that could need it in the next 20 years. This could become a normal part of elder planning in the near future, and an individual could benefit from exploring all of the options at his or her disposal.

Source: dailyfinance.com, Long-Term Care Insurance: Is It Still Worth the Price?, Dan Caplinger, Feb. 7, 2014

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