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Long-Term Care….Can I Afford to Grow Old?

Long-Term Care….Can I Afford to Grow Old?

You did a Will, and maybe even a Trust many years ago, do you really need to do anything else to protect your assets against the cost of long-term care? Is there anything else that can be done to prevent you from running out of money if you or your loved one becomes sick and needs more care? Ask yourself this one question: If I get sick, or my spouse gets sick, have I taken every step to protect as much of our assets as possible, so that we do not run out of money? If the answer is no, or even that you don’t know, then a consultation with an Elder Law Attorney, preferably a Board Certified Elder Law Attorney, is a must.

Today it is known that people are living longer than ever before. While living longer seems like a blessing, for many it brings much anxiety and concern about how long their money will last. In fact, this longer life span increases the risk that you or your spouse will need some form of long-term care in the future. That long-term care can be in the form of a home-health aide, an assisted living facility, or even, (ugh) a skilled nursing facility. I say “ugh” because no one likes the thought of ending up in a nursing home, or of putting their loved one in a nursing home. Unfortunately, statistics tell us that many of us will end up in one of these facilities. And at a private rate cost of $8,500-$10,000 a month for a shared room, this is can be daunting for many. Now not only are we worried about ending up in a facility, but we also worry about how will we pay for it. Stay tuned to the next few blogs to learn about the different government programs that will assist with paying for long-term care. And let me give you a hint….Medicare is not one of them!