Is Long Term Care Insurance a good idea for LGBT couples?
Posted on Wed May 20, 2015, on LGBT Estate Planning
From our “Ask a Question” Mailbag: LGBT Couples and Long Term Care Options
Most Recently Updated July 14, 2018.
“I am in a long-term, same-sex relationship with my partner. She happens to be much older than I, and I am concerned about the expenses of caring for her as she gets older. Would Long Term Care Insurance be a good option?”
LGBT Couples and Long Term Care Options
I have had clients use Long Term Health Insurance as a useful tool in their estate plan. Clients typically get the best use from this tool when they thoughtfully look ahead to the potential expenses of old age and work closely with their financial advisors. Specifically, I ask clients to examine whether their savings for retirement are adequate to address the costs of an unexpected, serious health problem.
If you can self-insure by paying those expenses from your own savings or investment portfolio, then your need for Long Term Health Insurance diminishes. However, if your funds would not be enough, then a Long Term Health Insurance policy can be an attractive backup plan.
This is especially true in this case, since you might reasonably expect that your older partner could drain all of your savings before death. As the younger partner, you may be left without adequate funds for your own retirement, or for end of life healthcare.
More Planning Questions?
LGBT Couples and Long Term Care Options is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.
In Conclusion: LGBT Couples and Long Term Care Options
I hope that this article was helpful in explaining long term care. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!
Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers. By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!
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Tags:Elder Care, Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, LGBT Estate Planning, Pennsylvania, Philadelphia