Klenk Law

Is Long Term Care Insurance a necessity in Atlantic County?

Posted on Tue Jun 9, 2015, on Estate Planning

Many readers have submitted questions recently about long term care insurance, especially from Atlantic County, New Jersey. Despite all the attention that Atlantic City gets in the news, Atlantic County’s core population mostly lives inland—with over 43,000 residents in Egg Harbor Township alone.

That population’s getting older all the time, too. Compare the 2010 Census results with its predecessor and you’ll see that, as in many parts of the country, citizens aged 65 and older make up a growing percentage of the population. At least one in ten Atlantic County households consists of a senior citizen living on their own.

It’s easy to look at your long term care policy premiums as bills you wish you didn’t have to pay, for a policy you don’t think you’ll ever use. Instead of worrying about wasted money, remember that we all buy insurance to cover the “what if?” scenarios in life.

Over the years, I have had many clients who have died without ever using their Long Term Care Insurance benefits. But I have also known many clients who fell ill and, but for their Long Term Care Insurance benefits, would have been forced to leave their homes. Those benefits provided in-home care far beyond what they could have afforded with their own investments. The group that seems to benefit most from Long Term Care Insurance benefits are clients who develop Alzheimer’s. Memory care facilities continue to break new ground in quality of life and in scope of care, yet their costs far outstrip what most of us would be able to reasonably afford.

I suggest that you consult with your financial advisor about various policies on the market and about your ability to self-insure should you fall ill. Assess how important it is to you to stay in your house, should you ever become unable to easily walk or care for yourself. For some people this is of paramount importance, especially for homeowners who have lived in Atlantic Country for decades.

Consult with your doctor about your risk of developing Alzheimer’s. The medical community knows more than ever before about risk factors and early warning signs for this disease. There is also a great amount of information available about the projected future costs of care. If you find that your own funds will not cover the costs, then Long Term Health Care Insurance will be something you should seriously consider.

In the end, paying for any type of insurance is about letting you sleep better at night, knowing that you are covered if the unexpected happens. If Long Term Health Care Insurance is in your budget and it gives you that peace of mind, then it is a good deal.

If you have questions about Estate Planning in Atlantic County, New Jersey, feel free to contact our office for a free consultation.


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