Insurance not necessary for long term care planning

| Sep 18, 2018 | long term care planning

Insurance is not mandatory when it come to planning for the future. Illinois residents who are thinking about long term care planning have other options aside from purchasing basic long term care insurance policies. Besides, many of these insurance companies are becoming pickier about who they accept to insure.

Nursing homes aren’t the only option. By having people come into a senior’s home to provide care, it may be better overall if he or she is in relatively good health. Many older people don’t do well in an institutionalized setting and thrive with assisted living. If a pension exists, it, and Social Security might do to pay for long term care, as might withdrawing funds from an Individual Retirement Account.

Individual life insurance policies or savings bonds can also help to pay for care in the senior years. Some seniors have purchased these and simply forgot about them. It may be worth looking into. For those people who own their own homes, a reverse mortgage may be a great option to foot long term care costs. Seniors on limited incomes could also apply for Medicaid.

There are alternatives that exist when it comes to long term care planning. An Illinois estate planning lawyer can help clients to put strategic and financial plans in place so they will be able to pay for quality care when the time comes. Those plans can be as unique as the clients are themselves. A proactive life plan may not only ensure the orderly distribution of a client’s assets upon his or her death, but can also deal with what should happen if a person gets sick and needs special care.