Estate Planning for Women: Long-term Care Insurance

In the last post on estate planning for women, I wrote about using powers of attorney to plan for incapacity due to women’s tendency to live longer than men. Here I'll introduce the notion of considering whether long-term care insurance should be purchased to facilitate the objectives included in a woman’s estate plan.
Women tend to be caretakers in their families. But what happens when your husband passes away, your children live in a distant location, and you need someone to care for you? Long-term care can be very expensive. In New Hampshire, the cost of home health aide services ranges from $20 to $26 per hour. Adult day care rates range from $50 to $75 per day and a semi-private room in a nursing home can cost anywhere from $7,260 to $11,250 per month.

Long-term care insurance can be used to cover some or all of the cost of these services. For elderly unmarried or widowed women, it could be what allows them to stay at home with assistance rather than having to move into a nursing home. It is also a key factor in preserving a woman’s assets.

Although long-term care insurance can be expensive, it is an option that should be explored. An agent that is well-versed in long-term care insurance can explain the variety of new products that are out there, the costs, and the benefits and exclusions included in each policy.

Please feel free to contact our estate planning attorneys with any specific questions you may have.

Next post in series — Estate Planning for Women: Disposition of Assets

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