Elder Law Answers
Should I Buy Long-Term Care Insurance?
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Can I Buy Long-Term Care Insurance for My Mother?
- August 28th, 2013
Q
My mother just turned 60, and in trying to be prepared for her future I discovered long-term care insurance. Can I buy this insurance for my mother since she cannot pay for it herself? Should I buy this product in the state where she is living or in my state? She has no income, no insurance, no savings and no assets. Oh yeah, and she doesn't drive and she has fibromyalgia, and she was just turned down for disability.
A
It would be great if you could purchase long-term care insurance for your mother, but from what you say, she may not be a good prospect. Due to the fibromyalgia she may not be able to get coverage. And due to her financial situation, she is probably eligible for Medicaid to pay for nursing home care. That said, the advantage of long-term care insurance is that it covers in home and assisted living care, which are not well covered by Medicaid, and it would give her more options if she needed nursing home care. If you do go ahead, you should purchase the insurance in your mother's state, unless you are getting it through your employer.