Long Term Care Planning(Plan now so your family won’t have a mess later)
Why should anyone worry about Long-Term Care Planning? Consider this: Approximately 70% of people over the age of 65 will need some type of long-term care.* 70%. Think about that. That means out of three people, two of them will need Long-term Care. This basically ensures that one spouse will need Long-term Care at some point in their lives.
Furthermore, consider this, in the state of Missouri, the average cost of a nursing-home care is around $5,000.00 a month, or $60,000 a year. So, how long will it be before you run out of money? If want to protect your assets, Long-term Care planning is the way to protect your assets. Many people associate Long-term Care with medical needs. While medical needs are part of Long-term Care, it is much more involved. Long-term Care includes assisting loved ones with day-to-day living needs, such as eating, dressing, bathing, using the toilet, getting out of bed, etc. Many people do not realize there are two ways to plan for Long-term Care. One way is to be proactive and do planning early, before something happens. The other way is what we call crisis planning. Crisis planning occurs when a loved one has something happen, such as a stroke, heart attack, etc. Then the family is left scrambling trying to figure out what to do and how to pay for it. With Long Term Care Planning, an Elder Law Attorney is able to help you and your family understand your options for handling issues that come with aging. *Source: Long Term Care Information: U.S. Department of Health and Human Service
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Medicaid can pay for nursing-home care if you qualify. The criterion for Medicaid (not Medicare) is complicated. The State of Missouri requires people to spend most of their money on Long-term Care costs, before you are allowed to qualify for Medicaid. It is very important that you understand the ins and outs of qualifying for Medicaid.