Who Pays for Long-term Care?

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Who Pays for Long-Term Care?
This is an advertisement.
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As the baby boomer generation reaches the age of
retirement the population is aging rapidly
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More and more people are going to need long-term
care in the future
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This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
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This raises an interesting question WHO PAYS FOR
LONG-TERM CARE?
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What Is Long-Term Care?
This is an advertisement.
Before we look into how it is paid for let's
describe what long-term care actually is
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If you need assistance with your activities of
daily living on an ongoing basis, you are in
need of long-term care
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There are different forms of LONG-TERM CARE
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In-Home Care
This is an advertisement.
Some of our elders who need assistance with their
day-to-day needs can stay in their own homes
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Care is often provided by family members,
friends, and neighbors
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In other cases a senior may engage the services
of a paid home aide
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This is the least expensive form of long-term
care
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Assisted Living Communities
.
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Many people who need a moderate level of help
with various day-to-day tasks reside in
assisted-living communities
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These facilities allow for a good bit of
independence while providing the necessary amount
of assistance
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The average annual charge for residence in an
assisted-living community in 2012 was 42,600
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Nursing Homes
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Nursing homes provide more care than
assisted-living communities
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Licensed medical personnel are available to
residents around-the-clock
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Seniors with debilitating medical conditions or
cognitive impairment often reside in nursing
homes
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The average annual expense for nursing home care
in 2012 was 90,520
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How Long Is Care Typically Needed?
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When you start to calculate the expenses that may
be accumulated you have to estimate the length of
stay
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According to a government survey the average
length of stay for someone who is residing in a
nursing home is 835 days
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Some people spend significantly more time in
nursing homes
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Is Medicare the Solution?
This is an advertisement.
It may be logical to assume that Medicare will
pay for assisted living expenses
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Unfortunately, this government program for
seniors WILL NOT PAY FOR LONG-TERM CARE
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Medicare will pay for up to 100 days of
convalescent care, but that's the extent of it
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Whats the Answer?
This is an advertisement.
When it comes to paying for long-term care you
can certainly pay out-of-pocket if you can afford
it
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Another option would be to obtain long-term care
insurance coverage
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Medicaid is another possible solution
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Medicaid is another possible solution
If you can qualify, Medicaid may pay for an
extended stay in a nursing home or assisted
living facility
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Where Do I Turn For Advice?
This is an advertisement.
Planning ahead so that you can handle long-term
care expenses can be confusing
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You may want to consult with an elder law
attorney to help you sort things out
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Your lawyer will gain an understanding of your
unique personal circumstances and guide you
accordingly
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If you are interested in scheduling a free
consultation with a licensed elder law attorney
contact The Potter Law Firm
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We practice in Charlotte, North Carolina and
northern Kentucky, and we would be glad to
assist you
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Click to visit www.potterestateplanning.com
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