You may wonder when you should begin planning for long-term care. The short answer is that it is never too early, and the sooner you start, the better. About 20 percent of today’s 65-year-olds will need long-term care for five years or more. If you are ready for long-term care planning, contact the Law Offices of Stephanie Hon today, or keep reading to learn more.
Long-term care refers to the services and supports that a person needs when they no longer have the ability to care for themselves. Long-term care allows a person to maintain a sense of independence and their current lifestyle while getting help with health or personal care needs. Each person’s situation is unique, and the type and level of care they require will depend on various factors.
Long-term care can be provided in the patient’s home or nursing homes, adult day centers, or senior communities. A nursing home may be the best option for someone who needs assistance around the clock, including help remembering to take medication or traveling to and from doctor’s appointments.
The cost of long-term care can be staggering. According to the Texas Long-Term Care Partnership Program, long-term care can cost an average of $70,000 a year, and most insurance policies don’t cover it. Various factors will impact long-term care costs, such as a person’s age, health, and where they live, as the costs vary from state to state. Keep in mind that the cost of long-term care will increase in accordance with the cost of living.
Unfortunately, health insurance, disability insurance, and Medicare do not cover long-term care. However, some people with low incomes may be eligible for Medicaid coverage of some long-term care costs. An experienced estate planning attorney can evaluate your situation and help you understand your options.
Depending on your age, you may benefit from purchasing long-term care insurance, which covers several types of care. It’s usually best for people with significant assets rather than those who spend most of their income on things like rent and utilities. An experienced attorney can help you decide if long-term care insurance is right for you based on your health, assets, and income.
Long-term care insurance can provide coverage for:
The cost of long-term care insurance will vary depending on an individual’s situation. However, the cost is generally based on factors such as:
Contact the Law Offices of Stephanie Hon to discuss how we can help you create a long-term care plan that will work when you and your loved ones need it most. Call (512) 888-9378 to speak to an experienced attorney today.