How to Plan for Long-Term Care

Planning for Long-Term Care 

A majority of people will need some level of long-term care as they grow older. The level of long-term care will depend on the person’s health and mental condition. There may be some people who may need extensive personal and medical care when they get older, while other individuals may only require limited assistance with the activities of daily living (ADLs). 

Having a plan for long-term care is an important part of estate planning. Long-term care usually isn’t very cheap. Working with an attorney who is experienced can help make sure that you have the necessary resources and funds available to be able to pay for long-term care. 

Long-term care can involve an assortment of services in order to help an individual with their personal care or health care needs. The purpose is to allow the person to live as independently as possible, but also to make sure that they are safe. The care can be provided by anyone or any service providers in any sort of setting. 

To give an example, a family member or a trained in-home health care provider can take care of someone while they are at home. There are some who may live in an assisted living facility where they receive some assistance with ADLs, while other individuals may require nursing home care for 24/7 personal and medical care. There are also adult daycares which provide supervision to individuals who cannot be left alone. 

How do You Plan for Long-Term Care? 

A majority of people require long-term care when they suffer from a permanent disability, mental incapacity, or health condition which will prevent the person from caring for their needs. Developing a long-term plan will involve figuring out how to pay for the required care. 

Due to the fact that no one can know for sure if they may need long-term care or the level of care they may require, planning usually assumes that a person may require residential care in a nursing home. It is generally best to plan for the worst-case scenario so the funds and resources are available should that scenario become reality. 

Paying for Long-Term Care

There are multiple ways to pay for long-term care. Personal funds and resources can be used to pay for services. Just remember that long-term care can end up costing thousands of dollars a month. Due to long-term care costing so much, many people may not have the resources to be able to pay for it.

Long-term care insurance is another option to pay for care in a nursing home or at home. Keep in mind though that long-term care insurance policies can vary, and the premiums might be too expensive for some people. Medicaid planning is another way to pay for nursing home or long-term care. They must meet the income and asset restrictions to qualify for Medicaid. An elder law attorney is able to assist a person in developing a plan that protects assets, but allows the person to qualify for Medicaid should the need arise in the future. 

With cautious and careful planning, a person is able to prevent their assets from being liquidated to pay for care or being seized after their death to reimburse the state for care. Long-term planning helps protect a person’s legacy for years to come. 

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