Massachusetts Estate Planning & Asset Protection Blog

Sooner or later

Posted by Dennis Sullivan & Associates on Mon, Oct 20, 2014

Sooner or later, you’ll probably need long-term care – be prepared | Massachusetts Eldercare Attorney



According to a recent article by George Morse in the AAA Membership newspaper

Sooner or later, you’re probably going to need some form of long term care.

Just look at the statistics:

About 70 percent of people turning 65 can expect to use such services during their lifetimes, according to the US Department of Health and Human Services, and their younger population isn’t immune. A 2003 study by Georgetown University’s Long-Term Care Financing Project reported slightly more than one-third of those with long-term care needs were younger than 65.

Long term care insurance is one way that individuals can ready themselves for covering the costs associated with this kind of need. While some may believe traditional health insurance or Medicare will address such an expense Doug Ross, AAA’s Expert on long-term care insurance, said those plans aren’t aimed at the same kind of services associated with long-term care.

“Health insurance is really good at paying for care that’s designed to make you get well again. Long-term care is care to help people with activities of daily living,” he said.

These activities include eating, bathing, dressing, toileting and transferring.

The primary government-support program for long-term care, Ross said, is Medicaid, though individuals must meet both income and asset requirements to qualify.

Your mid-40’s is a good time to start looking at long-term care insurance because coverage rates are age-based, and it’s less likely that a pre-existing medical condition will prevent you from getting coverage. Ross said some companies have even added blood work to their medical underwriting.

Long-term care policies can be crafted to fit an individual’s need and budget.

“One of the biggest challenges with it is that there are a lot of misconceptions. When you hear the words long-term care, the first thing you’re going to think of is your parents or a nursing home, things that have nothing to do with you. What we need is for people to understand it’s something to think about or look at when you’re young and healthy,” Ross said.

A major consideration when looking at a potential policy is to examine resources that could supplement the benefit, such as a means of receiving care at home instead of in a nursing facility.

An inflation protection rider can also be helpful, maintaining the policy’s value to keep pace with inflation.


For further information, take a look at our new book, The 10 Biggest Estate and Asset Protection Mistakes People Make and How To Avoid Them now including the special bonus chapter, The Biggest Long Term Care Planning Mistakes that goes more in-depth on your options, works and how to plan for your future.



At the Estate Planning & Asset Protection Law Center, we provide a unique education and counseling process which includes our unique 19 Point Trust, Estate and Asset Protection Review to help people and their families learn how to protect their home, spouse, life-savings, and legacy for their loved ones, click here for more information. We provide clients with a unique approach so they understand where opportunities exist to eliminate problems now as they implement plans for a protected future.

We encourage you to attend one of our free educational workshops, call 800-964-4295 and register to learn more about what you can do to enhance the security of your spouse, home, life savings and legacy.


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Tags: long term care, elder care, long term care insurance, caretaker, AAA

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