If you don't know where you are going, you might end up some place else. - Yogi Berra
Long-term care is getting medical, rehabilitative, or ongoing skilled nursing care to patients who require assistance with activities of daily living (ADLs). These services help people live as independently and safely as possible when they can no longer perform personal care activities on their own. Long-term care facilities include nursing homes, rehabilitation facilities, inpatient behavioral health facilities, and long-term chronic care hospitals. Though most people end up in one of these, almost no one wants to.
There are only 3 sources from which to pay for long-term care:
- Self-pay – Yet, you may risk becoming penniless.
- Long-term care insurance – It is difficult to qualify for this insurance in the later years, limited benefits, premiums escalate as insured ages.
- Public benefits - Medicaid and Veterans' benefits. Medicare may pay a small portion of the care if stringent requirements are met.
The median cost for long-term care in Pennsylvania per year is $116,800 for a private room, with individual regions ranging between $69,500 and $135,000.
Nationally, families pay $63,250,000,000 (billion) out of pocket for long-term care annually.
All of your family's assets are exposed to claims by nursing homes.
An estimated 70% of people currently turning 65 will need long-term care in their lifetime, requiring an average of 3 years.
We help you achieve your goal for long-term care planning. Our long-term care planning clients will:
Protect the financial health of spouses who may outlive the ill spouse by many years or decades.
Get seniors partial assistance for home and assisted living care, permitting them to stretch their dollars further.
Save family homes and businesses.
Permit the transfer of assets into a Trust for the protection of loved ones, especially disabled family members and ensure your plan enhances their lives.