Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Will health care be out of reach soon?

Health care costs have continued to rise at an alarming rate. Health care needs often grow as we age. For many of us, the potential cost of health care for our later years is enough to cause us to lose sleep. Long-term care insurance is one of the solutions some are turning to to address this situation.

The right choice at the right time

It is not true to suggest that everyone should invest in long-term care insurance. Like many estate planning tools, the value of long-term care insurance is highly dependent on the individual. Whether you should invest in this form of insurance is a discussion you should have with a knowledgeable estate planning attorney. Even if the product is right for you, now might not be the best time to invest. You need to understand your options before making a decision.

Assets and costs

The usefulness of long-term care insurance depends on the individual’s assets and the cost of the plan. Long-term care insurance is, frankly, expensive. The premiums are thousands of dollars per year, even for people in good health in their 40s. Most people do not consider the possibility that they might need long-term care that far out. Only people with the assets and flexibility to cover the premiums are likely to benefit from this form of insurance.

Limited time offer

Few, if any, insurance providers offer policies that will cover expenses for more than four years. If the need for long-term care extends beyond that timeframe, you will need to cover the expenses in another way. Long-term care insurance is not a substitute for other savings devices. Your should consider it as part of your estate plan, along with many other alternatives.

Source: Chicago Tribune, “Thinking of buying long-term care insurance? Consider these costs,” by Debbie Carlson, 6 November 2017

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
disclaimer.

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.

close

Privacy Policy

Blog Feed

Blog

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

Map

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