Start Planning Now to Avoid Long-Term Costs

While you may have worked hard most of your life to be able to retire in some modest level of comfort, the truth is, by the time you are able to retire is the around same time you or your loved one may need long-term care. That need for long-term care will likely wipe out your retirement fund long before you get a chance to enjoy it.

Approximately 43 percent of people aged 65 or older will need to enter a nursing home during their lifetime. As of 2010, the average nursing home stay was more than two years, at a yearly cost of $100,000. Your nest egg will be gone before you know it, and when the money is gone, the level and quality of your care may dramatically change, too. But you can plan ahead to preserve your finances and get the best care available when you need it the most.

Long-term care in a nursing home care will not be covered by either Medicare or Medicare Supplemental Insurance. Medicare provides benefits for only a short period of time. Once those Medicare benefits run out, you will need to find another way to pay for your care. And while Medicaid benefits may be available, they only kick in once your savings are depleted, and you must show that you have no other assets.

To maximize the protection of your assets and receive high-quality care, it is highly advisable that you being to plan ahead years before you assume you may need to be admitted to a nursing home.

Work with a qualified elder law attorney to see what long-term planning steps you can take, including long-term care insurance, asset protection, trusts and more.

Castle Wealth Group Legal in Media

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