Long Term Care Planning

A majority of Americans 65 and above will require some form of long-term care due to aging, illness, injury or accident. Most people dred thinking about the day they can no longer live independently and take care of themselves.

Unfortunately, many individuals make the mistake of waiting too long to plan for long-term care - sky-rocketing the costs more and delaying care even longer.

So, when is the best time for long-term care planning? The sooner, the better.

Long term care expenses in the United States are high, and delaying having a good plan could significantly affect your finances. There might come a time where you can no longer carry out some of your daily living activities, so you need to take the necessary measures to ensure that you get the best long-term care to meet your needs. What makes matters more troubling is that family members also find themselves at risk physically and financially after they take the responsibility of taking care of you.

A common misconception is that Medicare pays for long-term care – but it doesn’t. Medicare only pays for a short stay in a skilled nursing home, hospice care or home care as long as you meet the eligibility requirements. It doesn’t pay for custodial care or assistance in carrying out activities of daily living – eating, bathing, dressing, toileting, transferring and continence.

Medicaid helps fund long-term care costs but only for eligible individuals. You need to meet specific conditions first, which vary from state to state to become eligible for Medicaid benefits.  

Having an experienced attorney to help you manuever through the ins and outs of long-term care planning can help you prepare, relieve the stress and pressure, and avoid serious financial woes for not only you, but your family as well. Start planning now to protect your reitirement savings amd preserve your assets and give your family and yourself peace of mind.