From our “Ask a Question” mailbag: I am in a long-term, same-sex relationship with my partner. She happens to be much older than I, and I am concerned about the expenses of caring for her as she gets older. Would Long Term Care Insurance be a good option?
I have had clients use Long Term Health Insurance as a useful tool in their estate plan. Clients typically get the best use from this tool when they thoughtfully look ahead to the potential expenses of old age and work closely with their financial advisors. Specifically, I ask clients to examine whether their savings for retirement are adequate to address the costs of an unexpected, serious health problem.
If you can self-insure by paying those expenses from your own savings or investment portfolio, then your need for Long Term Health Insurance diminishes. However, if your funds would not be enough, then a Long Term Health Insurance policy can be an attractive backup plan.
This is especially true in this case, since you might reasonably expect that your older partner could drain all of your savings before death. As the younger partner, you may be left without adequate funds for your own retirement, or for end of life healthcare.
If you have questions about LGBT Estate Planning in Pennsylvania, feel free to contact our office for a free consultation.