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A traditional long-term care policy may not be the best option

Many Atlanta residents enjoy planning for the future, as long as it is a happy one. They may hesitate to think about planning for less jovial events, such as long-term care planning. Who can blame them? It is not pleasant to think about not being able to care for themselves in their old age. However, the odds are that at least some of this type of care will be needed at some point in the future.

Long-term care insurance used to be a good option to cover costs, but now only a handful of companies even offer these policies. Some of the problems included a lack of death benefits, difficulty qualifying and high premiums. New options are now available that could provide a better way to go.

One policy functions as long-term care insurance and life insurance. After paying a one-time lump sum premium, or possibly monthly payments, an individual can access the long-term care benefits, if needed. If those benefits are not used, the beneficiary or beneficiaries of the policy receive full, tax-free death benefits when the policyholder passes away. Of course, the price is higher. Other options include a fixed index annuity with an optional long-term care rider or an asset based policy.

Even though there are new ways to cover long-term care with new insurance products, they are not the only way to prepare. Setting up a trust or finding another way to save may provide a better outcome. Atlanta residents looking to come up with the best option for their unique circumstances would probably be wise to talk to an experienced attorney who can evaluate the circumstances and help make this important choice.

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