• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • Scott P. Schomer Certified As Specialist In Estate Planning, Trust And Probate Law
    • Trust and Probate Litigation: Verdicts and Settlements
  • Services
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Family-Owned Businesses
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Power of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
    • Trust, Probate and Estate Litigation
    • Young Families
  • Probate
    • Is Probate Always Necessary In California?
    • Probate & Estate Planning Savings Calculator
    • Probate Administration
    • Probate Code 850 Petitions
    • Probate Disputes
    • Probate In California
    • Probate Laws
    • Probate Litigation
    • Why Hire A Probate Attorney
  • Elder Law
    • Conservatorship
    • Coping with Alzheimer’s
    • Estate Planning
  • Resources
    • Elder Law
      • Elder Law & Medi-Cal Definitions
      • Elder Law Reports
    • Estate Planning
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Special Needs Planning Can Protect Benefits
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
      • Webinars
    • Frequently Asked Questions
      • Advance Health Care Directives
      • Asset Protection
      • California Adult Conservatorship
      • Estate Planning
      • Estate Planning & Remarriage
      • Frequently Asked Questions For Families Without An Estate Plan
      • In-Home Elder Care
      • IRA Inheritance Planning
      • IRA & SECURE Act
      • Irrevocable Trust
      • Last Will and Testament
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Living Trust
      • Probate
      • Special Needs Planning
      • Trusts
      • Trust Administration
      • Wills
    • Newsletters
    • Pre Consultation Form
    • Presentations
    • Published Book
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Communities We Serve
    • Los Angeles County
      • Bellflower
      • Cerritos
      • El Segundo
        • El Segundo Probate Resources
      • Hawthorne
      • Inglewood
      • Long Beach
        • Long Beach Elder Resources
        • Long Beach Probate Resources
      • Manhattan Beach
      • Playa del Rey
      • Santa Monica
      • Westchester
        • Westchester Elder Resources
        • Westchester Probate Resources
    • Orange County
      • Anaheim
      • Buena Park
      • Cypress
      • Fountain Valley
      • Garden Grove
      • Huntington Beach
        • Huntington Beach Elder Resources
        • Huntington Beach Probate Resources
      • Los Alamitos
        • Los Alamitos Probate Resources
      • Rossmoor
      • Stanton
      • Seal Beach
      • Westminster
  • Contact Us
  • BLOG
  • Videos

Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

Schomer Law Group, Los Angeles Estate Planning and Elder Law and Elder Law Attorneys

Connect With Us Today (310) 337-7696

Attend a Free Event
Home » Elder Law » Should I Purchase Long-Term Care Insurance?

Should I Purchase Long-Term Care Insurance?

June 5, 2022Elder Law

Los Angeles elder law attorneys

The average life expectancy of an American has almost doubled in the last century. While living longer is certainly something we can all be thankful for, we must also live with the effects of the natural aging process for longer than our ancestors did as a result. That means we all stand a much better chance of needing long-term care (LTC) at some point before the end of our lives. If you (or a spouse) do end up in LTC, how will you pay for the high cost of that care? Long-term care insurance is one option; however, you should understand what benefits you are getting before agreeing to purchase a policy. To help make sure you know what to look for when evaluating a policy, the Los Angeles elder law attorneys at Schomer Law Group, APC provide an overview of long-term care insurance.

Why Would I Need LTC Insurance?

When you enter your retirement years you will already stand a 50-50 chance of one day needing LTC. With each passing year, those odds increase. The cost of that care could deplete your retirement nest egg rapidly if you are forced to pay out of pocket. Nationwide, the average cost of a year in LTC was over $100,000 for 2021 and the average length of stay was three years. As you may well imagine, the average cost in California is higher than the national average. While Medicare will cover most of your health care expenses during your retirement years, it will not pay for LTC, nor will most basic health insurance policies. That leaves paying out of pocket, qualifying for Medicaid, or relying on long-term care insurance as your only options.

Is Long-Term Care Insurance Worth the Cost?

As the name implies, LTC insurance is health insurance that specifically covers expenses related to care in a long-term care facility, or other similar expenses. The cost of a LTC policy will vary widely, depending on several factors, including:

  • Your age at the time of purchase
  • Your general health at the time of purchase
  • The state you live in
  • The benefits included in the policy

When evaluating a LTC policy, the first thing you need to be clear on is what the policy covers and what it does not cover. For example, a LTC insurance policy may cover any, or all, of the following:

  • Nursing home care
  • Home health care
  • Respite care
  • Hospice care
  • Personal care in your home
  • Services in assisted living facilities
  • Services in adult day care centers
  • Services in other community facilities

Your LTC policy will likely not cover the following: 

  • A mental or nervous disorder or disease, other than Alzheimer’s disease or other dementia.
  • Alcohol or drug addiction.
  • Illness or injury caused by an act of war.
  • Treatment in a government facility or that the government has already paid for.
  • Attempted suicide or intentionally self-inflicted injuries.
  • Care or services outside of the United States

Along with understanding what the policy does, and does not, cover, you need to be sure you understand things such as:

  • How long is the “waiting period” before the policy will start providing benefits?
  • How long will the policy pay out benefits?
  • Is there a maximum benefit amount?
  • What type of documentation is required before the policy will cover expenses?
  • Does the policy have an automatic termination age/date or will it remain in effect until your death?

Contact a Los Angeles Elder Law Attorney

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about elder law issues, contact an experienced Los Angeles elder law attorney at Schomer Law Group APCby calling (310) 337-7696 to schedule an appointment.

  • Author
  • Recent Posts
Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
  • What Does it Cost to Probate an Estate in California? - January 24, 2023
  • What Is Missing in Your Estate Plan? - January 22, 2023
  • Common Probate Mistakes and How to Avoid Making Them - January 19, 2023

Other Articles You May Find Useful

Los Angeles elder law attorneys
5 Things You Should Know About Elder Law
Los Angeles elder law attorneys
Educate Yourself for Alzheimer’s Awareness Month
Los Angeles elder law attorneys
Why a Family Caregiver Is Not Always the Best Option
Los Angeles elder law attorneys
Does My Parent Need a Legal Guardian?
caregiver
Tips for Long-Distance Caregivers
Los Angeles elder law attorneys
5 Reasons You Might Need an Elder Law Attorney

Primary Sidebar

Schomer Law Group, Los Angeles Estate Planning, Probate, and Elder Law Attorneys

Schomer Law Group

FREE Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Testimonials

Client Review
July 29, 2020
    

We need to update our Living Trust and attended Schomer Law Group’s seminar. Afterwards we made an appointment and were impressed by the attention Scott Schomer and Liran Aliav gave to our case answering all questions and making suggestions how to minimize the estate tax. All the office staff is very friendly and we highly recommend Schomer Law Group.

Frank & Jutta R
Client Review
July 29, 2020
    

Mr. Schomer does an amazing job at explaining all the intricacies of establishing a trust. He and his team help you every step of the way so you always know what to expect and what you are preparing for. Best education you can get and the best gift you can give your family.

Paula M.
Client Review
July 29, 2020
    

We put off getting a trust for years. After attending a seminar with Scott Schomer we realized that the time had come to get a trust. We were given very good reasons for why we should get a trust. No pressure, just the plain facts. We are very relieved and happy to finally get our trust. Scott and Cesar were very knowledgeable, helpful and listened to our ideas of what we had to say. Any questions that we have now and in the future they are available to assist us to solve them. I recommend the Schomer Law Group and I wish we knew about them years ago.

Phillip G.
Client Review
July 29, 2020
    

When you’re presented with an invitation to attend in a mailer, you may have reservations, this was a truly gift!! My wife and I were educated and guided through the process of creating a family trust.
Both of our parents had attorney’s that “worked” with wills/trusts, but came up short. Fortunately, the Schomer Law Group was there! This is a group of attorney’s that only specialize in estate planning, law, and financial advice, so you know you’re getting expert and personalized advice. This is the best money we’ve ever spent!! Thank you!

Bob L.
Client Review
July 29, 2020
    

We knew we had to update our 10 year old ( 20 page ) trust. After several detailed meetings, Liran and Cesar produced a large ( 300 pages + ) highly detailed trust document that we have used to make sure our family estate is well managed and clearly understood.
They were all very helpful in answering myriad questions and explaining all the various options…

We would strongly recommend the Schomer Law Group to anyone with an estate of even modest means, to assure proper planning…

Bob S.
Client Review
July 29, 2020
    

We had contemplated updating our will and starting a trust for a number of years. After attending a talk by Scott Schomer we realized we were long overdue and the potential downside of not having our affairs in order was significant. Scott and his excellent team made the process simple and seamless. They were great listeners, addressed all our concerns and even pulled and processed all the paperwork from our financial institutions. If you are looking for assistance with estate planning, wills and trusts, we highly recommend Schomer Law Group.

Robert F.
Client Review
July 29, 2020
    

Very competent & informative – friendly atmosphere – ready to answer the most mundane questions – relaxed.

Joan S.
Client Review
July 29, 2020
    

Mr. Schomer was excellent in getting our family trust and estate affairs in order. My husband and I had put off doing this and Scott really made the process easy! He is very passionate in making sure his clients get all that they need and we really appreciated it. I would highly recommend him and look forward to the many years he will be available to assist our family.

Kim

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

Subscribe To Our Blog

Sign up using the form below to get our latest estate planning updates!
  • This field is for validation purposes and should be left unchanged.

Office Address

El Segundo
2155 Campus Drive
Suite 250,
El Segundo, CA 90245
Phone: (310) 337-7696
Fax: 310-337-1277

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 6:00 PM
Tuesday9:00 AM - 6:00 PM
Wednesday9:00 AM - 6:00 PM
Thursday9:00 AM - 6:00 PM
Friday9:00 AM - 6:00 PM

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Schomer Law Group

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
  • Instagram
  • Pinterest

footer-logo
© 2023 American Academy of Estate Planning Attorneys, Inc.

Schomer Law Group

Attorney Advertisement.

© 2023 American Academy of Estate Planning Attorneys, Inc.