While most of us are familiar with the necessity of creating an estate plan here in Florida, the needs of old age are often overlooked. While being in good health and having a long life is what most of us aspire to, the reality is that, the longer you live, the more likely it is that you will need assistance with daily activities such as bathing, dressing, cooking, and more. It is at this point that most will consider either hiring an in-home aide or potentially moving into an assisted living facility. However, the reality is that this can be astronomically expensive. One of the ways that people are trying to defray the cost of assisted living is with long-term care insurance. However, according to US News & World Report, you may or may not wish to purchase long-term care insurance depending on your status and anticipated needs.
Frankly, long-term care insurance is a bit of a gamble. Essentially, you are investing in care that you potentially may not even need. Long-term care insurance also tends to be quite expensive, even if you purchase a policy earlier in life when you are still fully independent. Not everybody will need long-term care insurance. Wealthier persons may feel comfortable with their assets and be able to independently hire assisted living help if they need it, and others may be looking into living with family should it become necessary.
However, individuals who do not wish to place a burden on their family, have too many assets to be beneficiaries of Medicaid, and yet do not possess the assets to fund assisted living on their own may indeed benefit from purchasing a long-term care insurance policy.