Yesterday, we addressed the second important thing to consider when purchasing long term care insurance. Today we look at a third consideration.
THIRD, Purchase several years of coverage. Given the unknown length of time anyone may require long term care in the future, many individuals purchase between 3-5 years of long term care coverage. Longer terms, of course, are also available.
If you would want to transfer any of your own assets, long term care insurance may be needed to cover the cost of your nursing home care. Any transfer of assets would be subject to the 5 year look back period for medicaid eligibility. During that period of ineligibility, you (through your long term care insurance) would have to pay for your care. After the ineligibility period, application for medicaid could be made.
Do you have any comments or questios? Leave your comments here or contact us at http://www.ythlaw.com/.
THIRD, Purchase several years of coverage. Given the unknown length of time anyone may require long term care in the future, many individuals purchase between 3-5 years of long term care coverage. Longer terms, of course, are also available.
If you would want to transfer any of your own assets, long term care insurance may be needed to cover the cost of your nursing home care. Any transfer of assets would be subject to the 5 year look back period for medicaid eligibility. During that period of ineligibility, you (through your long term care insurance) would have to pay for your care. After the ineligibility period, application for medicaid could be made.
Do you have any comments or questios? Leave your comments here or contact us at http://www.ythlaw.com/.
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