Many Americans will spend time in long-term care. According to a study by the National Bureau of Economic Research, a 50-year-old has a 53 to 59% chance of entering a nursing home during his or her lifetime.
Nursing home care comes with a hefty price tag. A 2013 John Hancock national study of long-term care costs showed that the average annual cost of care in the U.S. was $94,170 for a private room in a nursing home and more than $41,000 for an assisted living facility.
How Will You Pay for the Cost of Long-Term Care?
A common misconception is that Medicare or other insurance will cover these costs for the duration of an individual’s stay in a nursing home or other long-term care facility. Unfortunately, Medicare will only pay for a limited time.
This means that many people max out their Medicare coverage for long-term care, then end up paying out of pocket until they have used up their assets so they can qualify for Medicaid. In some cases, a nursing home may only accept individuals who can pay the higher out-of-pocket rate for a period of time before going on Medicaid.
Long-term care (LTC) insurance may be another option, but it is generally costly and is not available in all situations.
As a result, many individuals or their family pay thousands of dollars out of pocket each month to a nursing home, spending down assets in order to get the long-term care they need.
Our Elder Law Attorney Services
Despite the misconceptions, you do not need to exhaust all of your assets to pay for long-term care and get coverage for long-term care costs through Medicaid. Long-term care planning can help you protect your assets while getting the care you need.
However, many facets of long-term care planning can be complicated, and trying to make sense of these details on your own may lead to mistakes that result in penalties, disqualifications, or unnecessary loss of important assets.
At The Law Office of Claudia I. Pringles, PLLC, we can help you navigate the complexities and plan strategically for long-term care costs while protecting your interests and assets. We provide comprehensive Elder Law legal services, including;
- Long-Term Care Advance Planning
- Long-Term Care Crisis Planning
- Guardianship Legal Matters
Long-Term Care Advance Planning
Protect your assets and your peace of mind by planning ahead for long-term care. We can guide you in creating a plan that preserves your assets for your loved ones while providing for your potential future care needs. Ideally, we recommend starting this process at least five years before you anticipate the possibility of going into a nursing home.
While advance planning is preferred, urgent situations that require long-term care can arise unexpectedly. If you find yourself in a situation where you or a loved one are already paying for care, we can identify the best options for your unique circumstances, with a focus on protecting you, your loved ones, and your assets while still getting the care and support needed, as soon as possible.
When a loved one can no longer make decisions regarding their finances, health, or other vital matters, guardianship is a valuable strategy to ensure they are taken care of. We help you navigate the process of appointing a guardian to make decisions on behalf of your loved one. Visit our Guardianship page to learn more.
Elder Law Attorney Serving Clients in Montpelier and Throughout Vermont
We work with clients in Montpelier and across Vermont, providing a full range of services in addition to Elder Law, including Estate Planning, Probate, and Trustee Services.
Whether you are planning for your own needs or helping a loved one navigate the challenges of paying for the care they need as they age, we are here to help you resolve issues, maximize your benefits, and protect your assets.
Contact us today to discuss how we can help you plan for long-term care.
Providing Elder Law Services in all Vermont counties including Addison, Bennington, Caledonia, Chittenden, Essex, Franklin, Grand Isle, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor.