More and more Americans are faced with the crippling costs of nursing home care. The U.S. Department of Health and Human Services reports the national average cost for a private room as over $80,000 per year. Though no one wants to consider the possibility of spending time in a long term care facility, the reality is that in 70% of married couples, at least one spouse will be admitted for long term care during their lives. With figures like these, this is a major concern of many families. Many seniors and their families believe that without long term care insurance, there is no way to pay for their long term care, and no way to protect their inheritance for their children and loved ones. Also, some seniors mistakenly believe that having a will or revocable living trust in place will protect their inheritance from long term care expenses. Unfortunately, a simple estate plan does not address the need of paying for long term care.
There is a solution for protecting your estate. With a properly designed Medicaid Plan by an Elder Law attorney, seniors can create a long term care plan that will provide for their care and protect their savings. Medicaid Planning is time sensitive. Typically, the sooner you start planning, the more of your estate can be saved from being spent down to pay for your nursing home or assisted living costs.
By planning with an Elder Law attorney for the possibility of a family member needing long term care, we can manage the risk of losing the family farm, depleting family financial resources, and being able to afford the best care available, whether that is in the home or in a skilled nursing facility. Many options are available to manage these risks and we work with each family to decide which option or options are right for them.
In planning for the possibility of long term care, planning early and knowing your options is essential. We are committed to helping Virginia seniors and their families plan for and avoid the financial ruin associated with the high cost of long-term care.
If you are elderly, or if you have a parent or loved one who is elderly, contact us today to learn what Medicaid Planning options are available to you.