Long-Term Care Insurance: What You Need to Know Before It’s Too Late
Planning for the future isn’t just about writing a will or creating a trust—it’s also about making sure you and your family are financially protected if the unexpected happens. One of the most overlooked pieces of an estate plan is long-term care insurance.
As an estate planning attorney, I see firsthand how quickly the cost of nursing homes, assisted living, or in-home care can drain even a well-built estate. Without a plan in place, families are often left scrambling to figure out how to pay for care while also protecting what they’ve worked so hard to build.
Why Long-Term Care Insurance Matters
The truth is, most of us will need some form of long-term care as we age. Medicare only covers limited, short-term nursing care. Medicaid can help, but only after you’ve spent down your assets to meet strict eligibility requirements.
That’s where long-term care insurance comes in. These policies help cover the costs of services like:
Nursing homes
Assisted living facilities
Home health aides
Adult day care services
Having coverage means you don’t have to liquidate your savings or sell your home just to afford care. It can also give your family peace of mind knowing there’s a plan in place.
The Estate Planning Connection
Long-term care insurance isn’t just about healthcare—it’s about protecting your estate. Without coverage, the cost of care can wipe out retirement accounts, force the sale of property, and leave little to pass on to your loved ones.
As part of a comprehensive estate plan, I often recommend clients explore their insurance options alongside wills, trusts, and powers of attorney. Together, these tools create a stronger safety net for both you and your heirs.
Finding the Right Policy
Not all long-term care policies are created equal. When reviewing your options, here are some key factors to consider:
Daily or Monthly Benefit – How much will the policy pay for care each day or month?
Benefit Period – How long will benefits last—two years, five years, or for life?
Elimination Period – How long do you pay out-of-pocket before benefits start?
Inflation Protection – Will the benefit increase over time as care costs rise?
Hybrid Policies – Some life insurance policies include a long-term care rider, which can be an attractive alternative for certain families.
An estate planning attorney can help you evaluate whether long-term care insurance makes sense for your financial picture and how it fits into your broader estate plan.
Taking the Next Step
The earlier you look into long-term care insurance, the better. Premiums are more affordable when you’re younger and healthier, and you’ll have more options to choose from.
If you’re thinking about your future—or your parents’—now is the time to act. At The Skeen Firm, we help families across Pennsylvania and West Virginia build estate plans that go beyond documents. We look at the full picture, including strategies for protecting your assets from the high cost of long-term care.
Ready to Start Planning?
If you want to explore how long-term care insurance fits into your estate plan, schedule a consultation with us today. We’ll walk you through your options, answer your questions, and help you create a plan that gives you and your family peace of mind.
*Disclaimer: The advice provided is for informational purposes and is not intended as legal advice. It should not be relied on, nor construed as creating an attorney-client relationship.