Who will foot the bill if you need a nursing home? That’s a question popping up for more and more families in America these days.
Long term care insurance is extremely expensive and premiums have been on the rise in recent years. This doesn’t bode well for those people who are most likely to need long term care after age 65. The possibility of requiring care later in life is a significant concern for any individual as well as their family.
Standalone long term care insurance is decreasing as a viable option for many people due to the number of insurance carriers who have exited the market as well as the overall cost. Unfortunately, the pandemic has also made this situation much worse by putting assisted living facilities and nursing homes under a microscope about what it’s like to live and work in these facilities.
Many people don’t anticipate needing to go into a nursing home and hope that their individual health remains intact throughout all of their later years but failing to plan properly can put them in a difficult situation or force their loved ones to take on care responsibilities later in life.
A new report from the Center for Retirement Research at Boston College found that approximately one-third of Americans do not have enough resources to support one year’s worth of minimal long term care. Marital status also plays a significant role in determining who will get the care that they need. If you don’t have a long term care plan as part of your elder law strategy, you need to consult with an experienced and knowledgeable Virginia Beach estate lawyer as soon as possible to protect your rights.