By Robin Crouch
The policy lapses resulting in no coverage. This may happen when they need the coverage the most!
They would not qualify for a new policy if they had developed health problems since the policy was originally issued.
Your parents may end up “spending down” everything they have taken a lifetime to earn before they can qualify for public assistance, or
Unless you are independently wealthy and can ensure they have care when needed, they may not receive the care they need.
The good news is this may all be avoided by purchasing asset based long term care insurance. A one time premium can provide long-term care benefits if care is needed. If you never need care, your asset passes to the next generation and becomes part of your legacy — making asset-based long-term care an innovative alternative to traditional long-term care insurance.
For answers to specific questions and before making any decisions, please consult a qualified attorney at Cooper, Adel & Associates.