Long-Term Care Insurance
The State Bar Approved Long Term Care Insurance Program offers members, employees, and member’s relatives attractive premium discounts for comprehensive extended care insurance coverages.
The Approved Long Term Care Insurance Program includes coverages which pay on either a "reimbursement" or "cash" basis, and further includes a special program through which applicants can receive benefits through the California Partnership for Long Term Care.
There are many reasons why people buy long-term care insurance. Do any of these apply to you?
- Preserve your independence
- Guarantee your choice of care and caregivers (allow you to stay at home as long as possible)
- Protect your assets and standard of living
- To avoid being a burden to your family
- To leave more assets to your family, church, alma mater, or other worthy cause
- Peace of mind
To Buy or Not to Buy
You SHOULD consider buying long-term care insurance if --
- You have significant assets and income that you are concerned about protecting.
- You don't have significant assets and income, but you don't want to rely on the Medicaid (Medi-Cal in California) program.
- You want to remain financially independent and not have to rely on family or friends for care.
- You wish to guarantee you and your spouse will receive quality care, in the setting of your choice.
You should NOT consider buying long-term care insurance if --
- You currently receive or may soon receive Medicaid benefits.
- Your only source of income is a social security benefit or supplemental security income.
- You have limited assets and can't afford the premiums for the life of the policy.
Because today's long-term care insurance policies offer a variety of features and benefits, it pays to take your time when choosing your policy. In this section we will help you take a look at what makes up a good policy and the benefit options available to you.
You should consider the following items before considering the details of a long-term care insurance policy.
- The benefits you receive in the future should be substantially more than the premiums you will pay in your lifetime.
- It should not be a "cookie-cutter" or generic one-size-fits-all plan. The policy should be customized to your specific personal and financial needs.
- The premiums should be affordable. Not only now, but in the future as well.
Generally, long-term care is the care people need when they can't perform the tasks of ordinary living independently. It isn't a subject that most of us care to dwell on. However, the failure to discuss or plan for the high cost of long-term care is causing American families to be unprepared to meet the high costs of long-term care. This section addresses what long-term care is and where it is provided, as well as the costs of long-term care and who pays for it.