As you get older, there are a growing number of things to consider. Along with writing a will and making sure your assets are protected in Ohio, you should also consider whether long-term care insurance is something you will benefit from.
According to the AARP
According to the AARP, long-term care can help those who have conditions, such as disabilities or chronic illnesses, that need daily care over a long period of time. Assistance may come in the form of:
- Eating
- Bathing
- Dressing
- Skilled care from therapists or nurses
- Adult day care
- Home modification
Not Typically Covered by Regular Health Insurance
Because these services are not covered by regular health insurance plans, more people are considering purchasing separate long-term care coverage. A number of factors should be considered when deciding if this type of insurance is a good idea. These include:
- Your income – long-term care insurance can be pricey, so it may not make sense financially, especially if money is already tight
- Your current health – premiums are more affordable if you are in good health
- Your age – premiums are also typically more affordable if you begin paying them when you are younger
- Existence of a support system – consider if you have family members who would be able to help in the event you have future health issues
- Tax benefits – your premiums may be considered a tax deduction if you meet certain standards
If you are 65 years of age or older
If you are 65 years of age or older, keep in mind that Medicare does not cover long-term care services. However, they do cover some healthcare-related services such as qualified home health services, long-term hospital stays, Hospice care and skilled nursing care.
Serving Since 1979
The law firm of BHMK has provided will and trusts solutions since 1979. Contact the law firm of BHMK if you have any questions about your assets, your estate, and planning for retirement and passing your assets to the next generation.
