Long-term care, should you require it as you age, is a significant expense. Depending on where you live, the cost of a skilled nursing home can be well over $100,000 a year or more, and this is for a semi-private room. Medicare only pays under certain circumstances and in limited amounts, which surprises most Older Americans and their loved ones to learn. Further, if you have savings and investments, you might not qualify for the public benefits programs that can help you pay for the care you need such as the Alabama Medicaid program.
If you have not thought too much about long-term care, you are certainly not alone. Even if you are well-off enough to think you do not really need to put money aside for such costs, you do not know what is going to happen in the future, and most families cannot accurately predict how much it is going to cost.
A study published by the Department of Health and Human Services shares that 48 percent of all Americans over the age of 65 will need long-term care outside the home for up to one year. Nineteen percent will need it for up to 24 months, and more than 21 percent between two and five years.
For most of us, we want to create an estate plan that is focused on two main aspects:
- Lifetime protection, which safeguards you and your assets should you be in a crisis and need a decision maker with legal authority to act.
- Creating a legacy that will live on with your family members after you pass.
There are many ways you can start to address long-term care needs in your estate plan when you work with an elder law attorney. Your elder law attorney can provide a comprehensive strategy that addresses all of your health and legal needs, assuring you of the best possible care and protection should you need it. Long-term care planning can be incorporated into your overall estate plan so that it includes lifetime protections that contemplate a potential need for custodial care when you discuss your concerns with your attorney.
When we are healthy and in our prime, we do not often think about the big “what ifs.” Long-term care, as well as the threat of critical illness, is generally the last thing on our minds, even if we already have an estate plan in place. Most people think of estate planning as something that settles your affairs after you are gone, but know that it can also help you live better in life. Estate plans that consider long-term care will protect your assets and can ensure your legacy is intact should you need to be in a nursing home for any length of time.
We know this blog may raise more questions than it answers. Do not wait to contact our law practice to schedule a meeting to discuss your concerns today, or any time in the future.
