Long-term care insurance -why it's so important Examiner.com
13.07.09
The second reason is to protect your assets, such as your home, cars, checking and saving accounts, and insurance policies. Why would you need to protect these assets? Because if a medical crisis strikes requiring a period of rehabilitation or long-term care, and you aren't able to show proof of insurance or self-insure, the state will most likely take care of you. That’s the good news. The bad news is there’s no guarantee they will care for you, and if they do, you WILL pay for it. If you don’t, they will put a lien against your assets for the cost of your care. You will have to come up with the cash to pay the bill or they can seize your property, in the worst case scenario. Essentially your estate is liquidated to the extent of the cost of your care plus any other fees they tack on. If there are any assets left, they may go to your family. I know in some states you are protected from losing your house
providing you are still living in it or intend to move back into it.
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