A recent study completed by Nexus Insights shows that many older Americans have increasing questions about long term care and the best way to support themselves in the future. If you wind up with an illness or injury, your only option to treat it might be entering a nursing home or other long term care facility. This can be an expensive investment if you haven’t considered the possibility in advance.
Most Americans don’t realize that one in four people will develop a disability or illness in their lifetime that may require using a nursing home and tapping into long term care benefits.
Without insurance or other plans in place, such as Medicaid qualification, you may need to rely on private pay for nursing home and long term care expenses. This can be very overwhelming and frustrating, especially if you have a spouse who is also counting on that as their retirement income as well. The study found that nearly one quarter of Americans aged 50 years and above said that they or someone they loved needed long term care support in the last year. This caused frustration anxiety and many different questions.
Many of the same survey respondents said it was crucial for them to have additional information about the options to pay for long term care, the overall costs of long term care and different services available. If you haven’t revisited your long term care and elder law plan in some time, now is a great opportunity to work with a qualified elder lawyer to get those questions answered. Schedule your initial meeting with a Virginia Beach estate lawyer today.