For many reasons, planning for the future can be difficult. Yet, when it's boiled down, we simply don't know what our futures hold, which makes it hard to determine what type of planning we need to undertake. In most cases, though, people will want to plan for the worst and hope for the best. This is especially true when it comes to long-term care planning.
Planning for one's own long-term care may seem simple, but the task can actually be quite complicated. Many assume that Medicare will cover all of their medical needs, but this simply isn't the case. Therefore, New Yorkers need to ensure that they are taking a comprehensive and diversified approach to care planning. Before making any final decisions in this regard, it may be beneficial to speak with a professional experienced in this field, as some planning options may not be right for a particular individual.
For example, many individuals have turned to long-term care insurance. These policies were mainly pitched to middle-class families in the 1980s and 1990s, but they are still widely available today. These policies work like any other policy, requiring policy holders to pay premiums in exchange for coverage in the event that long-term care is needed.
While this may sound beneficial, many insurance companies vastly underestimated the number of claims that would be filed and the period of time during which these policy-holders would collect on their claims. As a result, premiums have shot through the roof in many instances, leaving families in a tough spot with regard to planning their long-term care.
As this example highlights, planning for the future isn't as easy as it may seem right off the bat. Therefore, it is often beneficial to sit down with an experienced attorney to figure out the best way forward to ensure that one' protects his and his family's financial interests far into the future.