Weinstein & Randisi
Toll free:800-768-1780

Resize the Content Text

What you need to know about long-term care insurance

Nearly everyone wants to live independently for as long as possible. Unfortunately, medical problems associated with advanced age often force even the most fiercely independent people to rely on help from others as they get older. Some families are better situated than others to step in and help out by providing care and supervision of their ailing relatives. However, obtaining reliable assistance for long periods of time can often prove challenging for other families. This is especially true for people of moderate wealth.

According to some financial experts, long-term care insurance can be expensive and therefore may not be appropriate for people of limited means. Typically, Medicaid will pay for many long-term care services after relatively low income families have exhausted their savings paying for that care. Conversely, people of considerable wealth, perhaps $2 million or more, can probably get along just fine without long-term care insurance policies.

However, if you are a New York resident in the middle or moderate range of wealth you need to know that government statistics suggest that as many as seven out of every 10 Americans will eventually need some help as they ascend into advanced age. These costs can be rather significant depending on what type of help you need and the length of time you may need it. For example, one long-term care insurance provider says that the average cost of a semi-private nursing home room will cost about $60,000 annually. Additionally, you could expect to pay $44,000 a year for a one-bedroom apartment in an assisted-living complex.

Another reason why you may want to get long-term care insurance is to offset future increases in assisted living care facility costs. Typically, those costs go up each year. A $300 per month long-term care insurance plan might seem like a lot of money now, yet those premiums may ultimately save you from financial ruin if you should require assistance over a long period of time.

The good news is that an attorney experienced in New York's estate planning laws can assist you in putting together a long-term care insurance strategy that works best for your requirements. An attorney can also help ensure that you get the full benefit of your bargained insurance coverage.

Source: St. Louis Post-Dispatch, "Do you need long-term care insurance?," Jim Gallagher, June 28, 2015

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Blog Feed


Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map


Call us now for a free, 100% confidential consultation: