Q. Without long-term care insurance, in addition to potentially depleting one’s savings, are other assets, like one’s home, also at risk should funds be needed to pay for long-term care?
A. Too many people don’t consider the cost of long-term care until it’s too late. This kind of care can cost more than $100,000 a year in New Jersey, and it’s not easy to get a free ride. Long-term care facilities will need to be paid using a resident’s assets in order to move in and remain at the facility, said Timothy J. Ford, a partner with the Firm’s Employment Law practice group with a special focus on the representation of senior care and assisted living facility owners and administrators.
Those assets include Social Security, pensions, real property, investments and any other assets.
Read the NJ.com ‘BizBrain’ article here in its entirety.