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Long-Term Care Planning
Long-term care planning is… the provision of medical, rehabilitative, and/or ongoing skilled nursing care to patients/residents requiring assistance with activities of daily living. 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.
There are only 3 sources from which to pay for long-term care:
Self-pay – Risk becoming indigent and very expensive.
Long-term care insurance – Difficult to qualify in later years, limited benefits, premiums escalate as insured
Public benefits – Medicaid and Veterans’ benefits. Also, 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.
for long-term care planning clients, we’ll help:
Protect your spouse from financial ruin.
Get partial assistance for home or assisted living care. This further stretches the dollars available for care.
Save family homes and businesses.
Transfer assets into trusts for disabled family members to enhance their lives.
Save money for children and grandchildren to assist them in these times of increasing financial insecurity.
let’s effectuate the right plan for you and your family.