Emotions Drive Some Americans to Purchase Unrewarding Long-Term Care Insurance Policies | Law Firm Newswire

Emotions Drive Some Americans to Purchase Unrewarding Long-Term Care Insurance Policies

Hook Law Center (formerly Oast & Hook)

Hook Law Center (formerly Oast & Hook)

Virginia Beach, VA (Law Firm Newswire) January 2, 2015 – Emotions can play a substantial role in making decisions about long-term care. Planning after seeing a loved one decline in health may drive some people to seek long-term care insurance, but they should also consider their finances rationally.

“Planning for long-term care means accepting that your health may decline to the point that you can no longer care for yourself,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center.

Often, people avoid thinking about long-term care because they would like to believe that they will never need it. Seeing a loved one decline can bring that reality home, and many people decide to purchase long-term care insurance after seeing a family member lose his or her health and require long-term care. These people may feel a strong motivation to avoid staying in a nursing home, and they seek coverage that will allow them to stay at home as long as possible.

Although emotion can be a powerful motivator to purchase long-term care insurance, individuals should also take the financial implications of the decision into account. Sometimes, long-term care insurance can represent high costs over time for little benefit.

Fewer policies than ever protect against inflation, meaning that the policy may not cover enough expenses when the time comes to use it. In addition, as the need for long-term care rises, the cost of long-term care insurance is also rising dramatically -- on average, premiums this year are 20 percent higher than they were last year.

Long-term care insurance can be a prudent purchase in many cases, providing control and security in the face of an uncertain future. However, it is important that individuals consult with an attorney and carefully consider the impact on their finances before purchasing a policy

Hook Law Center
295 Bendix Road, Suite 170
Virginia Beach, Virginia 23452-1294
Phone: 757-399-7506
Fax: 757-397-1267

SUFFOLK
5806 Harbour View Blvd.
Suite 203
Suffolk VA 23435
Phone: 757-399-7506
Fax: 757-397-1267
http://www.hooklawcenter.com/

  • WHAT WOULD THE CANCELLATION OF STUDENT DEBT MEAN FOR THE ECONOMY?
    <p>It seems like the state of the United States economy is on all our minds these days.  High inflation.  Rising interest rates.  Declines in the stock market.  For student loan borrowers, another economic event is looming – the end of the Covid forbearance for the repayment of student loans on August 31, 2022.  With this [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/08/02/what-would-the-cancellation-of-student-debt-mean-for-the-economy/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/08/02/what-would-the-cancellation-of-student-debt-mean-for-the-economy/" target="_blank">WHAT WOULD THE CANCELLATION OF STUDENT DEBT MEAN FOR THE ECONOMY?</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • If Your Wallet Disappears
    <p>The AARP Bulletin often highlights the many effects of the loss or theft of one’s wallet or purse. Remaining diligent about keeping your belongings secure is a year-round commitment, and during the holiday season, it is even more important to keep these valuable items secured; they are easy targets in the hustle and bustle at the local [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/07/26/if-your-wallet-disappears/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/07/26/if-your-wallet-disappears/" target="_blank">If Your Wallet Disappears</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Denial About Aging
    <p>Originally written by Maureen Hook, Ph.D. It’s probably not a surprise that most people in America are in denial about aging, and therefore, they are unprepared for the costs of long-term care when a serious, long-term illness strikes. In fact, a new study reports that 2/3 of people over 40 say they have done little [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/07/19/denial-about-aging/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/07/19/denial-about-aging/" target="_blank">Denial About Aging</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • What Your Face Reveals
    <p>Originally written by Maureen E. Hook, Ph.D. For centuries, many people have considered the face to be a window to the soul. It is after all what distinguishes one person from another. Noses, mouths, cheekbones or not vary from person to person. It’s what makes us interesting. Without these differences, how would directors cast heroes [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/07/12/what-your-face-reveals/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/07/12/what-your-face-reveals/" target="_blank">What Your Face Reveals</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>
  • Issues with Cryptocurrency in Estate Planning
    <p>Cryptocurrency is a virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend,[1] and relies on the utilization of blockchain technology on decentralized networks, thus minimizing government interference and centralized failure. A blockchain collects information in blocks, and when a block has reached its storage capacity, it closes and links [...]</p>
    <p><a class="btn btn-secondary bravehart-read-more-link" href="https://hooklawcenter.com/2022/07/05/issues-with-cryptocurrency-in-estate-planning/">Read More...</a></p>
    <p>The post <a href="https://hooklawcenter.com/2022/07/05/issues-with-cryptocurrency-in-estate-planning/" target="_blank">Issues with Cryptocurrency in Estate Planning</a> first appeared on <a href="https://hooklawcenter.com/" target="_blank">Hook Law Center</a>.</p>

Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required