By: Terry Bennett

Long-term care insurance is a subject most people don’t want to think about, but they are wise to do so. In fact, 70 percent of those 65 and older will need some sort of long-term care. If you are in your 50s or 60s, our team at Skeeters, Bennett, Wilson & Pike suggests giving serious consideration to purchasing nursing home insurance. A long-term care insurance policy can allow you make certain your future health care needs will be met.

Here are a few tips to consider when purchasing long term care insurance:

1. Make sure the policy is renewable for life. This guarantees the insurance company can’t cancel the policy for health reasons.

2. Make sure the premium will not raise an outrageous amount. In most policies, the premium can be raised, but with many companies the premium does not increase a great deal.

3. Determine the wisest benefit period. The benefit period does not necessarily have to be for life. The average stay in a nursing home is three to four years. Our team at Skeeters, Bennett, Wilson & Pike recommends a benefit period anywhere from four to six years. You can select a deductible or waiting period that meets your specific needs. Many people choose 100 days, but you could opt for a waiting period as long as six months if you have resources to be a private-pay patient for those six months.

Nationwide, there are 1.7 million nursing home beds, outnumbering hospital beds nearly 2 to 1, according to Centers for Disease Control. The demand for nursing home care, as well as in-home care, has been increasing rapidly as Baby Boomers age, and the trend will continue as the fastest-growing age group in America is 85 and older.

The attorneys at Skeeters, Bennett, Wilson & Pike want you to prepare now for your future health care needs. Premiums increase and eligibility becomes less likely as you age. Don’t wait until it’s too late to consider this protection.

 

 

Terry joined the practice in 1974. His areas of focus include personal injury law, real estate law, probate law, estate planning, business law, corporations, and adoptions. He is admitted to practice before the United States Supreme Court, United States Court of Appeals 6th Circuit, United States District Court Western District of Kentucky, United States Court of Military Appeals, and all Kentucky courts.

A Hardin County native and former Army office in the Judge Advocate General (JAG) Corps, Terry graduated from William and Mary in Virginia with an undergraduate degree in government. He received his Juris Doctorate from Wake Forest Law School in Winston Salem, North Carolina, where he graduated with honors.