Long-Term Care Planning protects you and your family from ruinous healthcare and nursing home costs.
We don’t like to think about it, but the fact is that after age 65, you stand a 70% chance of needing skilled nursing in a long-term care facility or at home. Naturally, the level of care and length of stay will be different for every person.
It is a common misconception that Medicare or health insurance covers the cost of a nursing home. In fact, they only cover nursing home costs for short periods – typically less than 1 month – and only for stays considered medically necessary. Unfortunately, the cost of long-term healthcare is skyrocketing and the average yearly cost for a nursing home stay is more than $100,000.
If you haven’t prepared for this possibility in advance, and you require long-term nursing home care, you may have to sell your home and liquidate all of your assets to afford this care. It’s only after your hard-earned life savings are gone that you will qualify for help from the state and federal government.
Long-Term Care Planning avoids this loss and insures that the power to make healthcare decisions stays within your family and is not dictated by 3rd party healthcare providers. Long-term care planning can also help you find – and afford – satisfactory retirement housing.
Planning for Long-Term Care is a complicated process. An attorney who specializes in Elder Law is the best person to advise you on the legal documents necessary and the transfers required to avoid losing all you have. The earlier in life you prepare for this possibility, the safer your assets will be.
The U.S. Dept. of Health and Human Services has more general information on long-term care planning.
Contact Vasiliadis & Pappas now to begin your Long-term Care Planning.