Plan Early For Long Term Care Costs

Good news - Americans are living longer lives than ever before!  As the senior population grows rapidly, so will the need for legal services for this age group.  This area of law is called "Elder Law".  Attorneys who practice elder law deal with the emotional, logistical and financial needs of the elderly.

One major problem that many seniors face is the real possibility
of needing long term nursing home care. 

Here are some sobering statistics about long term care:

• After age 65, there is a 48 percent chance that you will need care at a skilled nursing facility.
• After age 80, there is a 90 percent chance
• If you are married and over 65, there is a 70 percent chance that you or your spouse will need skilled nursing care.
• The average nursing home stay is 2.5 years.  At a cost of at least $6000 per month in the Bay Area, that's a total of $180,000!

As a person gets older, there is an increased chance of becoming incapacitated due to an injury or illness.  Sometimes incapacity comes on slowly (as with degenerative diseases such as Alzheimer's), however sometimes it strikes suddenly (such as a fall or acute illness).  Whether slow or sudden, the result is the same - you may need to be cared for in a skilled nursing home facility.

Medicare will not pay for long term nursing care.  They will only pay for the first 100 days, and they have strict requirements on that.  Most supplemental Medicare insurance policies exclude long term nursing home care, and separate Long Term Care Insurance can be costly and have limited coverage.

There are ways to use estate planning to prevent spending down your life savings due to the tremendous cost of long term nursing care.  You may have heard this described as "Medicaid" or "Medi-Cal" planning.  Medicaid and Medi-Cal are the federal and state government agencies that pay for long term nursing home care for those who qualify.  Qualifying for Medicaid or Medi-Cal is based on certain financial criteria, including your income and assets.  Some people think that only poor people can qualify - in reality, many people can qualify if they plan ahead.

We are experts in this type of planning, and we can develop a plan for you to be able to qualify for Medicaid/Medi-Cal when you need it.  These planning strategies are legal, legitimate and proven.  You can leave your home and your assets to your family, instead of giving them to the government!   If you or someone you love may need nursing home care soon, we can help.  If someone you know is already in a nursing home, there are still some planning you can do to protect assets.