In this Elder Law Minute, Wes Coulson explains what you should do about your long-term care if you’ve had COVID.
Hi! I’m Wes Coulson from Coulson Elder Law, proudly serving clients throughout the St. Louis metropolitan area and beyond. I’d like to welcome you to our Elder Law and Estate Planning Minute. We do these to help educate people, give them some little tips, and especially to let them know the questions they need to ask, things that they’ve maybe not thought of. Our thought on that is that we can help you best if you realize the things that you need help and that we can help you with. So I hope you enjoy. Thanks!
I want to share with you an article I read recently and discuss the implications. The article was mentioning the effects that COVID is going to have on long-term care insurance underwriting. You may have seen things in the news about long-term effects of COVID, some people are what they call “COVID long haulers”, where other ones, they’re concerned that if you’ve had COVID you’re going to have these symptoms pop up later in life.
Well, companies that offer long-term care insurance are very worried about that. They don’t want to accept hidden risks that could cause them to have to pay out a lot more in benefits than they’ve taken in in premiums. So, that leads to some practical advice, and that is, if you’ve had COVID, you should be looking at the same things that the insurance underwriters are looking at. That is that you are going to be at an enhanced risk, later in life, of needing long-term care. You might not be able to get insurance to take care of it. So, what should you do?
Well, I think that the answer there lies in the long-term care asset preservation planning that we, very commonly, help people with. So it’s a way of putting assets out of harm’s way, protecting them, so that if you wind up spending quite a bit of time in a nursing home, it’s not going to cost you your life savings. So, something to think about, also something that you really should think about doing something about. Thanks!
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.