• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • 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      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » What Is Long-Term Care Insurance?

What Is Long-Term Care Insurance?

January 12, 2016Elder Law

seniors concerned about long-term care

Long-term care insurance is a type of coverage that you can purchase to help with expenses that you may incur if you ever need help with your activities of daily living.

When you first hear about it, you may feel as though you don’t need long-term care insurance, because you will qualify for Medicare as a senior citizen. Let’s look at the facts.

Coverage Gap

You obtain Medicare eligibility through the accumulation of retirement credits. These credits are earned while you are working and paying self-employment or FICA taxes. It is possible to accumulate up to four credits per year, and most workers do, because the requirements are modest.

At the present time, the age of Medicare eligibility age is 65. If you have at least 40 retirement credits when you reach this age, you will qualify for Medicare coverage.

Though the program will provide an underpinning, there are out-of-pocket expenses to contend with, and you should budget for these costs when you are looking ahead toward the future.

These out-of-pocket expenses for things that are covered are manageable for most people, but there are some very significant expenses looming that are not easily absorbed. The Medicare program does not pay for long-term care at all.

If you reside in a nursing home or assisted living community at some point in time, you would be receiving custodial care, and Medicare does not cover this type of care. Most seniors will eventually need long-term care, and it can potentially cost you over $100,000 to spend a year in a nursing home.

Long-Term Care Insurance

Now that you understand the lay of the land when it comes to Medicare and assisted-living costs, you can see why long-term care insurance may be relevant to you at some point in time. You could take out a long-term care insurance policy, and the company would help you pay for living assistance if and when you do in fact require long-term care.

The cost of the long-term care insurance will depend on a number of factors, including your age and the extent of the coverage that you will receive. You should do your homework and do some comparative shopping. Read the fine print so that you know exactly what each respective company is offering.

Legal Guidance

Before you enter into any legally binding agreement, you would do well to review the documents with the assistance of a licensed elder law attorney. Your attorney will provide you with guidance, and you can ultimately go forward with confidence when you know that you are acting in a fully informed manner.

If you consult with an elder law attorney when you are considering long-term care expenses, you will discover that Medicaid is a government program that does pay for long-term care. Long-term care insurance may not be necessary if you take steps that lead to Medicaid eligibility.

Schedule a Consultation

Our firm would be glad to help if you are ready to take action. We offer no obligation consultations, and you can contact us through this page to set up an appointment: Indianapolis IN Elder Care Attorneys.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
  • Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
  • When Do I Need to Update a Trust Agreement? - January 19, 2023

Other Articles You May Find Useful

caregiver
What You Need to Know If You Are a Caregiver
Alzheimer’s Awareness Month
November is Alzheimer’s Awareness Month
Indianapolis elder law attorneys
A Pre-Paid Funeral Plan Might Not Be a Wise Choice
Indianapolis elder law attorney
How to Find the Right Caregiver for a Parent
Indianapolis elder law attorneys
What You Need to Know about Elder Financial Exploitation
Indianapolis elder law attorneys
What Options Are Available for Elder Care?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our 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.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

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

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us