Long Term Care Insurance

Clients frequently ask me why they should invest in long term care insurance (“LTC insurance”). There are many reasons, not the least of which is that few people are anxious to deplete their savings, borrow against retirement accounts and  life insurance or sell off assets simply to cover their healthcare needs. LTC insurance offers a way to protect your assets. Although not everyone who purchases LTC insurance will file a claim for benefits, like homeowners insurance and car insurance, when you need it, it’s nice to know it’s there.

The cost of LTC insurance is the biggest obstacle for people considering a policy.  However, with  skilled nursing facilities on Long Island charging as much as $215,000 per year, the annual LTC insurance  premiums seem quite modest.  Recognizing the importance to their parents of LTC insurance,  the children of some of my clients actually contribute to the cost of the policy. Doing so not only protects their inheritance but, gives their parents the peace of mind that comes from knowing that their family will not suffer from the huge financial impact of long term care.

Linda M. Toga of The Law Offices of Linda M. Toga, P.C. is an East Setauket, New York attorney with a general law practice focusing on estate planning, real estate, marital planning, small business services and litigation.