Long Term Care Insurance
Long Term Care Insurance Explained
Dedicated Buffalo estate planning lawyer Robert Friedman discusses long term care insurance and what’s important to know about long-term care in New York in this educational video.
Long-term care insurance is highly recommended for a number of reasons. Medicaid laws are constantly changing, and eligibility requirements are often tightened. Because of these regular changes, individuals should obtain this long-term care insurance while they still qualify and are healthy. Also, while long-term care insurance covers in-home care, assisted living, and nursing home care, Medicaid does not cover most types of assisted living, and it is limited to in-home care. Under the New York Partnership Program of Long-Term Care Insurance, after the benefit’s drawn over three years, eligibility for Medicaid is automatic regardless of the amount of one’s assets. Discussing long-term care insurance with one’s legal advisors can help to prepare in case of significant medical need.
The goal of estate planning is to ensure that your assets are transferred to your loved-ones with the least amount of legal fees, taxes, and court costs as possible. Our Buffalo Estate Planning Attorneys know how to make this happen. If you or a loved one needs to start planning their estate, contact our experienced Attorney today.
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