The high cost of long-term care has made planning a critically important issue for most middle class seniors and their families. If you are age 65 and single, the odds are about 60% that you will need long-term care at some point. For married couples, odds are about 75 percent that one spouse or the other will need such care. The average stay runs about two and a half years. A year in a nursing home is estimated to cost an average of slightly more than $90,000 for a private room. Nursing home care is exorbitantly expensive and failing to plan appropriately can leave your family with fewer options and significant medical bills in the event that you experience an emergency.
Medicare only pays for acute nursing home care, not chronic care. Think of acute care as rehabilitation after hip surgery. You will be going home to care for your own daily needs. Think of chronic care as needing help with activities of daily living like bathing, eating, dressing, continence or toileting, not to mention dementia such as Alzheimer’s. Medicare is solely a federal program. Medicaid is a joint state-federal program.
While some seniors are able to afford private pay care, the cost of long-term care will wipe out savings of all but the wealthiest families in a matter of a few years. While Medicaid eligibility with respect to long-term care was not difficult in the past, there has been a steady drift towards more complex and restrictive rules, the latest being the Deficit Reduction Act of 2005 which went into effect in 2006. These changes have resulted in complex eligibility requirements for those people in need of Medicaid benefits.
Call Before The Fall ®. You do not have to wait until there is an emergency to plan for one. We understand that it is difficult to consider elder law issues, such as potential disability and the need for nursing care in the future, which is why we strive to take the stress out of making difficult decisions. Through effective planning and preparation, you can face the future knowing you have security and support in case of a contingency. Long-term care planning is a smart step for every individual, regardless of his or her individual health or assets.
ElderLawLexington strives to protect the well-being of all our clients. We offer services that can help all families make plans for their future care without sacrificing their assets or lifestyle.
As long-term care planning attorneys, we do the following:
It is important to consult with a long-term care planning attorney that has the experience and knowledge to evaluate your needs as you age and make sure that you are aware of all of the legal issues that may come into your life. Our attorneys and staff at ElderLawLexington can meet with you and answer the questions that you may have or did not know you needed to ask. Our solutions impact real lives. We are proud of what we have accomplished for our clients. For a moment in time, ElderLawLexington is allowed to be an integral part of families guiding them step by step to their goal. Decisions associated with chronic health care are not easy ones to make. In close collaboration with our clients and their families, we reduce stress and allow for families to proceed on firm legal footing.
For sound long-term care planning strategies, contact ElderLawLexington | McClelland & Associates, PLLC. Call Before The Fall ®