April 6, 2019

Do you have a plan to protect yourself from the costly expenses of long term care? Far too many people avoid making a goal of protecting their assets from being decimated by long term care.

Most people might assume that long term care expenses only arise in a nursing home situation but a recent study found that nearly one-quarter of private long term care insurance claims started in assisted living in 2018 and nearly 27% ended there, according to the American Association for Long Term Care Insurance.

This reflects some of the most common trends for private people using long term care insurance. Many people start care in a specific setting, such as in their home, and these claims can end to an exhaustion of policy benefits for recovery or death.

In 2018, just over 72% of all long term care insurance claims ended in assisted living due to death, whereas 13.5% of claims ended due to benefits exhaustion and another 14% ended due to recovery. Many people have misconceptions about long term care insurance and might not be clear about how to plan ahead by incorporating this into their estate and retirement plan. Schedule a time to sit down with your experienced estate planning attorney to learn more.