Since the number of second marriages is growing at a faster pace than ever, the need for long-term care by one partner could cause problems among children of both spouses. The likelihood is high that the older partner will need long-term care services for several years because it's common for one partner in second marriages to be considerably younger than the other.
Children born of the previous marriage(s) of the younger spouse may be apprehensive that their parent's health could be affected by providing care for an older spouse, or that an inheritance will be depleted paying for care for the older step-parent.
There are also misconceptions surrounding the Medicaid (Welfare) program. Medicaid is a needs-based program and eligibility is determined by an evaluation of a person's assets and income. Many second-marriage couples believe that if they have a pre-nuptial agreement separating their funds, they will not have to "spend down" their combined assets before qualifying for welfare. In fact, pre-nuptial agreements do not protect a couple's assets from Medicaid's spend down requirements.
Planning ahead with long-term care insurance for both partners of a second marriage can alleviate many of these concerns. Insurance can assure that neither spouse will be required to provide care personally and that assets will not be depleted paying for the partner's care. This allows both partners to protect their mental and physical health, and to pass their assets down to their own bloodline.
In addition to protecting their children's inheritance, there are other benefits to having LTC insurance coverage:
* Better access to high-quality and affordable care
* Ability to maintain current living arrangements
* Prevent dependence on family members for care
No comments:
Post a Comment