- Long-Term Care & Medicaid Planning -

Do you know someone who has spent time in a nursing home? Have you ever thought about going into a nursing home yourself?

 

Most people answer the first question yes, and the second question no. It is one of those situations where we feel “It could never happen to me.” But studies show that 70% of Americans age 65 and older will need long-term care services and support at some point in their lifetime. Without proper long-term care planning, the lack of available services and the staggering price tag may leave you and your family with few alternatives.

What is Long-Term Care Planning?

 

At its core, long-term care planning involves answering 3 critical questions. If you need long-term care:

 

  1. Where would you want to live?
  2. Who would take care of you?
  3. How would you pay for it?

 

Addressing these questions sooner rather than later can increase the quality of life for you or your aging family members, and you may be able to ease the financial stress and ensure that you or your loved ones get the care that they need.

 

The Staggering Costs of Long-Term Care

 

In Phoenix, Arizona and surrounding areas, the annual cost of nursing home care during 2017 was $6,494 per month for a semi-private room and $8,389 per month for your own room. That’s $78,000 to $100,000 per year! Or are you one of the many people who would prefer to stay home no matter what rather than enter a nursing facility? If so, you can expect to pay over $100,000 per year for homemaker and home health aide services. And these costs are only going up every year.

 

Many people fail to realize that Medicare will not cover the cost of long-term care, whether at home, in assisted living or in a nursing facility. Paying for long-term care is a personal responsibility that is wiping out the life savings and estates of millions of ill-prepared, middle-class retirees across the country.

There are Solutions!

 

Phelps Law is experienced in counseling clients on how to overcome the challenges of long-term care planning, whether the possibility be right around the corner or years away. There is no one-size-fits-all when it comes to long-term care planning, so we will explore all the options with you, whether it be planning with special types of Irrevocable Trusts that protect assets from long-term care costs, helping you qualify for Medicaid or Veterans benefits, long-term care insurance or wealth replacement strategies.