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Estate Planning

Legal Will in Brooklyn, New York

Creating a Legal Will in Brooklyn, New York: Secure Your Legacy Creating a legal will is an essential aspect of estate planning that ensures your

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Mistakes to Avoid When Estate Planning
Estate Planning

Mistakes to avoid when estate planning

Estate planning is a crucial step in securing your family’s future and ensuring that your assets are distributed according to your wishes. However, many individuals

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Alternatives to probate
Estate Planning

Alternatives to probate

Exploring Alternatives to Probate in New York Probate is a court-supervised process that validates a will, settles debts, and distributes the assets of a deceased

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How to Protect Your Assets
Estate Planning Law

How to Protect Your Assets in New York

In today’s economic climate, protecting your assets is not just about saving money—it’s about strategic planning to ensure financial stability and security for the future.

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All About Revocable Trust in New York
Estate Planning

Revocable Trust New York

All About Revocable Trusts in New York To ensure your assets are managed and distributed according to your wishes, estate planning is essential. One of

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Probate is the process of validating a will in a court of law, and settling all financial and estate affairs of a deceased person after their death.
Estate Planning

Probate New York Attorneys

Probate New York Attorneys Probate can be one of the most complex and stressful aspects of estate administration. It involves the legal process of validating

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Estate Planning as a DIY Challenge - Morgan Legal Group
Estate Planning

Estate planning as a DIY challenge

Estate Planning as a DIY Challenge In an era where information is more accessible than ever, many individuals feel empowered to take on challenges that

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Experienced Probate Property Attorney in New York - Morgan Legal Group
Estate Planning

Probate property attorney

Understanding the Role of a Probate Property Attorney in New York The probate process is a legal procedure that occurs after someone passes away, involving

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Major Reasons for Guardianship in New York
Estate Planning

Major reasons for guardianship

Major Reasons for Guardianship in New York Guardianship is a legal process in which a court appoints an individual, known as a guardian, to make

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Will an Attorney in New York
Estate Planning

Will Attorney New York

Will an Attorney in New York: Protecting Your Future Creating a will is one of the most important steps to plan for your future and

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Guardianship in New York
Estate Planning

Guardianship in New York

Guardianship in New York: Understanding the Process and Importance In New York, the guardianship process is a legal mechanism designed to protect those who are

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Over half of all 65-years-olds will require long-term care at some stages in their life. Long-term care needs often last for two years or more and can be very expensive. If you aren’t financially buoyant, long-term care expenses can leave you broke.

You or an elderly loved one may require long-term care after a severe illness or because of a serious illness and condition. Most times, the needs emerges simply as a result of aging. Costs for services covered by long-term care, like at-home or in-patient nursing care, assisting living and occupational therapy and rehabilitation, have experienced a huge increase over recent years.

Luckily, individuals today have several options of available insurance coverage, like traditional health-based policies. If you are yet to sign up to a long-term care insurance program, you need to make a move now, especially if you are a senior of if you have an elderly loved one. In this article I’ll reveal to you the best long-term care insurance policy.

Long-Term Care Insurance explained

Long-term care refers to a wide range of services tailored to meet an individual’s health or personal care needs. The services might range from in-home care, nursing home care, hospice care or qualifying care in assisted living facilities. Homemaker services including personal care services are also included.

Medicare helps cover the cost of several medical expenses, however, it doesn’t generally cover long-term care expenses if custodial care or daily help is the only care you require. Coverage is stated in the Medicare and you Handbook sent each year to seniors who partake in the program.

Who is Long-Term Care Insurance for?

Middle class households are the most prone to costs of long-term care and could leverage long-term care insurance. Without coverage, a prolonged long-term care stay could result in liquidation of savings and investments or even the sale of your home.

Medicaid, a government funded program designed for seniors and those with low-income, can help with the cost of long-term care services. But, before you can enjoy the vast benefits of Medicaid, you need to meet the eligibility requirements which states that your assets must be below a certain threshold. Medicaid can offer coverage in several cases of low-income households who don’t have enough assets or home equity

If you have a considerable amount of assets that can fund up to $100,000 each year for up to three or more years, long-term care insurance is optional. However, it is important that you take note of the potential cost of care as you prepare for retirement.

What is the best Long-Term Care insurance policy?

If you want to sign up for a long-term care insurance policy, it is important that you go for the best. Here are some of the best long-term care insurance policy.

  • Best for option: Mutual of Omaha.
  • Best for length of coverage: New York Life.
  • Best for caregiver choice: MassMutual.
  • Best long-term care rider: Guardian.

What to look at in Long-Term Care Insurance

There exist fewer long-term care insurers than in the past, which means that caution is crucial. You will want to select an insurance provider that is financially buoyant and will be there when you need to make a claim.

Available options are also a strong consideration. There are many adjustments you can make to a policy to make it more inexpensive. However, some choices can work against your best interest, such as selecting a policy with just one year of coverage or a one-year waiting time. Long-term care needs that are more than a year last an average of over four years.

Unless you are financially ok, these restrictions can create a huge coverage gap. Search for a company that offers options to cover your financial exposure. In addition, look for companies that offer a waiver of premium, which expunges ongoing premium payments as soon as a claim is approved.

Contact our office if you have questions regarding long-term care insurance or if you need the help of a Medicaid attorney.

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