Even people who have spent years working and saving toward retirement can find their life’s work jeopardized by an unexpected accident, illness, or a cognitive decline. While everyone hopes for a speedy recovery, sometimes serious medical issues require both immediate solutions and continuing treatment. Although long-term care insurance is often overlooked as an element of estate planning, it could prove a critical and an invaluable asset.  Estate planning and long-term care

Long-Term Care Insurance

Every long-term care policy has its own rules, benefits, and restrictions. However, most plans disburse regular benefits, paid to either the primary policyholder or a selected beneficiary.

Unlike a retirement savings account or public benefits program, a long-term care program could begin disbursing funds as soon as the beneficiary is diagnosed with a condition that requires long-term care.

California Long-Term Care Reimbursement

  • In your own home
  • In a nursing home
  • In an adult daycare

The Risks of Relying on Medicare

Almost every American approaching retirement knows that Social Security no longer covers the costs associated with it. And many are surprised to learn that Medicare policies are not necessarily free. While the Golden State’s Medi-Cal programs subsidize most care costs for impoverished residents, many retirees are still obliged to pay hundreds of dollars in premiums each month. And, just like for-profit health care companies, Medicare can charge deductibles and co-pays, too.

Even when Medicare and Medi-Cal are willing to offer assistance, they usually do not reimburse patients for long-term care costs.

Choosing the Right Long-Term Care Insurance Policy

Whether or not you’ll need long-term care depends of a variety of factors. Because every long-term care policy is different, it’s important to consider your situation carefully before purchasing one.

What to Consider When Buying Long-Term Care Insurance

  • How old you are and life-time premium costs
  • How much money you can comfortably budget for a reasonable and holistic plan
  • How much money you can afford to spend on post-retirement care without jeopardizing your estate
  • If your retirement plan offers any medical or care-related benefits
  • How long a policy provider has been in business

Ideally, your long-term care policy should be a factor in your estate planning. The Law Firm of Kavesh, Minor & Otis, Inc. can help you find a plan that fits your budget, protects your finances from later-in-life risk, and provides maximum benefits to you and your loved ones.

Contact Us Today

If you are trying to protect your retirement, health, and wealth from the unexpected, please send the Law Firm of Kavesh, Minor & Otis, Inc. a message online, or call us at 1-800-756-5596 to schedule your free, no-obligation consultation today.


Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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